Devon Energy Co. (NYSE:DVN) Receives Average Recommendation of “Moderate Buy” from Brokerages

Devon Energy Co. (NYSE:DVN) has received a consensus recommendation of “Moderate Buy” from the twenty-two brokerages that are presently covering the stock, Marketbeat Ratings reports. Eight analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $49.27.

A number of research analysts have recently commented on DVN shares. Wells Fargo & Company cut their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Raymond James reduced their target price on shares of Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Benchmark raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a research note on Tuesday, January 14th. Jefferies Financial Group started coverage on Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective on the stock. Finally, Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research report on Wednesday, January 15th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. EnCap Energy Capital Fund XI L.P. acquired a new position in shares of Devon Energy in the 3rd quarter valued at $461,857,000. EnCap Partners GP LLC acquired a new position in shares of Devon Energy in the third quarter valued at about $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new position in shares of Devon Energy in the third quarter worth about $230,928,000. International Assets Investment Management LLC lifted its holdings in shares of Devon Energy by 4,125.7% during the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after purchasing an additional 2,226,983 shares during the period. Finally, Pacer Advisors Inc. boosted its position in Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after buying an additional 1,677,652 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 1.2 %

Shares of NYSE DVN opened at $37.98 on Tuesday. Devon Energy has a 1 year low of $30.39 and a 1 year high of $55.09. The firm has a 50-day simple moving average of $35.46 and a two-hundred day simple moving average of $40.14. The company has a market cap of $24.95 billion, a P/E ratio of 7.05, a PEG ratio of 1.14 and a beta of 2.00. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.65 EPS. Research analysts anticipate that Devon Energy will post 4.72 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.32%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

About Devon Energy

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.