Devon Energy Corporation (NYSE:DVN) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Devon Energy Corporation (NYSE:DVN) have received a consensus rating of “Moderate Buy” from the twenty-five analysts that are currently covering the stock, Marketbeat.com reports. Ten research analysts have rated the stock with a hold recommendation and fifteen have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $43.85.

A number of equities research analysts have recently issued reports on DVN shares. Mizuho reduced their price objective on Devon Energy from $46.00 to $43.00 and set an “outperform” rating for the company in a report on Tuesday, May 13th. Piper Sandler reiterated an “overweight” rating and set a $58.00 price objective (up from $53.00) on shares of Devon Energy in a research note on Thursday, July 17th. Wells Fargo & Company lifted their price target on Devon Energy from $41.00 to $42.00 and gave the company an “overweight” rating in a research note on Thursday, July 3rd. Raymond James Financial reiterated an “outperform” rating and set a $45.00 price objective (up from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. Finally, Wolfe Research upped their target price on Devon Energy from $47.00 to $49.00 and gave the stock an “outperform” rating in a report on Monday, June 23rd.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently made changes to their positions in DVN. Fuller & Thaler Asset Management Inc. boosted its position in shares of Devon Energy by 42.8% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock valued at $340,236,000 after buying an additional 3,114,656 shares during the last quarter. Marshall Wace LLP increased its holdings in Devon Energy by 135.5% in the 4th quarter. Marshall Wace LLP now owns 5,371,518 shares of the energy company’s stock worth $175,810,000 after acquiring an additional 3,090,585 shares during the last quarter. Invesco Ltd. increased its stake in shares of Devon Energy by 32.8% in the fourth quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock worth $309,682,000 after purchasing an additional 2,335,473 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Devon Energy by 81.1% during the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock valued at $188,131,000 after acquiring an additional 2,252,918 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Devon Energy by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock valued at $3,096,000,000 after purchasing an additional 2,098,568 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Down 3.3%

Shares of DVN stock opened at $32.12 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $20.62 billion, a price-to-earnings ratio of 7.32, a P/E/G ratio of 1.88 and a beta of 1.07. The firm has a fifty day moving average of $32.92 and a 200-day moving average of $33.43. Devon Energy has a 12-month low of $25.89 and a 12-month high of $46.04.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). The company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The business’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same period last year, the company posted $1.16 earnings per share. As a group, equities research analysts predict that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Friday, June 13th. Devon Energy’s dividend payout ratio (DPR) is currently 21.87%.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.