Wolfe Research Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price target lifted by Wolfe Research from $64.00 to $65.00 in a report released on Monday,MarketScreener reports. Wolfe Research currently has an outperform rating on the energy company’s stock.

Several other analysts have also recently commented on DVN. Barclays raised their target price on shares of Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Monday, March 16th. Raymond James Financial raised their target price on shares of Devon Energy from $44.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 11th. Benchmark restated a “buy” rating on shares of Devon Energy in a research note on Friday, January 16th. Capital One Financial raised their target price on shares of Devon Energy from $50.00 to $64.00 and gave the stock an “overweight” rating in a research note on Thursday, March 26th. Finally, Susquehanna raised their target price on shares of Devon Energy from $47.00 to $52.00 and gave the stock a “positive” rating in a research note on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.39.

Devon Energy Stock Up 0.2%

DVN stock opened at $49.58 on Monday. Devon Energy has a one year low of $25.89 and a one year high of $52.71. The stock has a market capitalization of $30.81 billion, a PE ratio of 11.89, a price-to-earnings-growth ratio of 0.97 and a beta of 0.47. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98. The company has a fifty day moving average of $45.37 and a 200-day moving average of $38.86.

Devon Energy (NYSE:DVN) last released its earnings results 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 net margin of 15.37% and a return on equity of 16.28%. The company had revenue of $4.12 billion during the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter last year, the business earned $1.10 EPS. The business’s 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 year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were paid a $0.24 dividend. The ex-dividend date was Friday, March 13th. This represents a $0.96 annualized dividend and a dividend yield of 1.9%. Devon Energy’s dividend payout ratio (DPR) is 23.02%.

Institutional Trading of Devon Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Wedge Capital Management L L P NC purchased a new position in Devon Energy during the 4th quarter valued at about $9,931,000. Allianz Asset Management GmbH increased its holdings in Devon Energy by 4.3% during the 3rd quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company’s stock valued at $29,210,000 after acquiring an additional 33,974 shares in the last quarter. Investors Research Corp increased its holdings in Devon Energy by 13,787.5% during the 4th quarter. Investors Research Corp now owns 27,775 shares of the energy company’s stock valued at $1,017,000 after acquiring an additional 27,575 shares in the last quarter. Greatmark Investment Partners Inc. increased its holdings in Devon Energy by 5.6% during the 3rd quarter. Greatmark Investment Partners Inc. now owns 571,925 shares of the energy company’s stock valued at $20,052,000 after acquiring an additional 30,435 shares in the last quarter. Finally, Philip James Wealth Mangement LLC increased its holdings in Devon Energy by 43.8% during the 4th quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company’s stock valued at $5,911,000 after acquiring an additional 49,115 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Company Profile

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.