Devon Energy Co. (NYSE:DVN) Receives $50.05 Average PT from Brokerages

Devon Energy Co. (NYSE:DVN) has received a consensus recommendation of “Moderate Buy” from the twenty-two research firms that are presently covering the company, MarketBeat Ratings reports. Eleven investment analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $50.05.

DVN has been the subject of a number of recent research reports. TD Cowen reduced their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research report on Wednesday. Susquehanna lowered their price objective on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. UBS Group cut their target price on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Finally, Truist Financial downgraded shares of Devon Energy from a “buy” rating to a “hold” rating and lowered their price target for the stock from $49.00 to $43.00 in a report on Thursday, November 7th.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $31.11 on Friday. Devon Energy has a twelve month low of $30.39 and a twelve month high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The company has a market cap of $20.44 billion, a PE ratio of 5.77, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99. The company’s 50 day moving average is $36.83 and its 200 day moving average is $41.61.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.65 earnings per share. On average, sell-side analysts forecast that Devon Energy will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.83%. Devon Energy’s payout ratio is currently 16.33%.

Institutional Investors Weigh In On Devon Energy

Large investors have recently modified their holdings of the business. 1620 Investment Advisors Inc. acquired a new position in Devon Energy during the second quarter worth about $34,000. Capital Performance Advisors LLP acquired a new position in shares of Devon Energy during the 3rd quarter worth approximately $35,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Devon Energy in the third quarter valued at approximately $39,000. True Wealth Design LLC increased its holdings in shares of Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after purchasing an additional 1,089 shares during the last quarter. Finally, Hazlett Burt & Watson Inc. lifted its position in Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after buying an additional 290 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.