Devon Energy Co. (NYSE:DVN) Receives $57.83 Consensus Price Target from Analysts

Devon Energy Co. (NYSE:DVN) has been assigned an average rating of “Moderate Buy” from the seventeen ratings firms that are presently covering the company, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation and thirteen have issued a buy recommendation on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $57.89.

DVN has been the subject of a number of analyst reports. Piper Sandler cut their price objective on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating for the company in a research report on Wednesday, January 24th. Morgan Stanley boosted their price target on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday. Scotiabank increased their price objective on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Citigroup boosted their target price on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Finally, JPMorgan Chase & Co. raised their price target on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th.

Institutional Trading of Devon Energy

A number of institutional investors have recently made changes to their positions in DVN. SeaCrest Wealth Management LLC grew its stake in shares of Devon Energy by 38.0% in the first quarter. SeaCrest Wealth Management LLC now owns 33,088 shares of the energy company’s stock worth $1,660,000 after purchasing an additional 9,112 shares during the last quarter. Bridgewealth Advisory Group LLC purchased a new stake in Devon Energy in the 1st quarter worth approximately $210,000. Hexagon Capital Partners LLC grew its position in shares of Devon Energy by 5.4% in the 1st quarter. Hexagon Capital Partners LLC now owns 7,573 shares of the energy company’s stock worth $380,000 after buying an additional 391 shares during the last quarter. Park Place Capital Corp purchased a new position in shares of Devon Energy during the first quarter valued at approximately $226,000. Finally, Oliver Luxxe Assets LLC raised its holdings in shares of Devon Energy by 1.1% during the first quarter. Oliver Luxxe Assets LLC now owns 91,963 shares of the energy company’s stock valued at $4,615,000 after acquiring an additional 1,045 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 0.5 %

NYSE:DVN opened at $51.43 on Friday. Devon Energy has a 12 month low of $40.47 and a 12 month high of $55.09. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $32.66 billion, a price-to-earnings ratio of 8.82 and a beta of 2.19. The firm has a fifty day simple moving average of $47.69 and a two-hundred day simple moving average of $45.86.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period last year, the firm earned $1.66 earnings per share. The firm’s revenue was down 3.6% on a year-over-year basis. Analysts expect that Devon Energy will post 5.14 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.

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.