Devon Energy (NYSE:DVN) Given New $44.00 Price Target at Jefferies Financial Group

Devon Energy (NYSE:DVN) had its price target raised by Jefferies Financial Group from $36.00 to $44.00 in a report released on Monday,MarketScreener reports.

Other equities research analysts have also recently issued research reports about the company. Johnson Rice dropped their price objective on Devon Energy from $70.00 to $62.00 and set a “buy” rating for the company in a report on Friday, December 5th. TD Cowen raised Devon Energy to a “hold” rating in a research note on Monday, February 9th. Wells Fargo & Company upped their target price on Devon Energy from $43.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, February 20th. Sanford C. Bernstein dropped their price target on Devon Energy from $48.00 to $42.00 and set an “outperform” rating for the company in a research note on Monday, January 5th. Finally, Scotiabank cut their price target on shares of Devon Energy from $45.00 to $41.00 and set a “sector perform” rating on the stock in a report on Monday, February 23rd. Twenty-three investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $48.54.

Devon Energy Stock Up 0.6%

Shares of NYSE DVN opened at $44.77 on Monday. The stock has a market capitalization of $27.76 billion, a P/E ratio of 10.74, a PEG ratio of 4.50 and a beta of 0.56. Devon Energy has a one year low of $25.89 and a one year high of $46.15. The firm’s 50 day simple moving average is $40.62 and its two-hundred day simple moving average is $36.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.90.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.81 by $0.01. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The firm had revenue of $17.19 billion for the quarter, compared to the consensus estimate of $3.67 billion. During the same quarter in the previous year, the business earned $1.10 earnings per share. The company’s quarterly revenue was down 6.4% on a year-over-year basis. As a group, analysts expect that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.96 annualized dividend and a yield of 2.1%. Devon Energy’s dividend payout ratio is 23.02%.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently modified their holdings of the business. State Street Corp increased its holdings in Devon Energy by 0.6% in the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock worth $1,301,914,000 after buying an additional 212,074 shares in the last quarter. Geode Capital Management LLC lifted its stake in Devon Energy by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock valued at $700,238,000 after acquiring an additional 186,743 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Devon Energy by 17.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after acquiring an additional 2,071,021 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Devon Energy by 6.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company’s stock valued at $327,938,000 after acquiring an additional 552,068 shares during the last quarter. Finally, Kimmeridge Energy Management Company LLC grew its stake in shares of Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after acquiring an additional 3,195,862 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.