Devon Energy (NYSE:DVN) Receives “Sector Perform” Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Devon Energy (NYSE:DVN) in a report released on Friday morning,Benzinga reports. They currently have a $50.00 price objective on the energy company’s stock.

Other analysts have also recently issued research reports about the stock. BMO Capital Markets dropped their price objective on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Barclays dropped their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. UBS Group reduced their price objective on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Citigroup dropped their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Finally, Raymond James reduced their price target on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Eleven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.48.

Devon Energy Stock Up 2.7 %

Shares of DVN stock opened at $36.10 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy has a twelve month low of $30.39 and a twelve month high of $55.09. The stock has a 50 day moving average of $35.67 and a 200 day moving average of $40.73. The stock has a market cap of $23.71 billion, a P/E ratio of 6.70, a P/E/G ratio of 1.07 and a beta of 1.99.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates 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 for the quarter 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. As a group, sell-side analysts expect that Devon Energy will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.44%. Devon Energy’s payout ratio is 16.33%.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the company. SkyOak Wealth LLC boosted its holdings in shares of Devon Energy by 4.1% in the 2nd quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock valued at $298,000 after buying an additional 250 shares in the last quarter. Riversedge Advisors LLC grew its position in Devon Energy by 3.6% in the 3rd quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock valued at $287,000 after buying an additional 253 shares during the last quarter. Modus Advisors LLC boosted its holdings in shares of Devon Energy by 2.4% in the third quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock valued at $447,000 after acquiring an additional 272 shares in the last quarter. Lummis Asset Management LP increased its position in Devon Energy by 1.0% during the 2nd quarter. Lummis Asset Management LP now owns 30,055 shares of the energy company’s stock worth $1,425,000 after purchasing an additional 290 shares during the period. Finally, Hazlett Burt & Watson Inc. increased its holdings in shares of Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after purchasing an additional 290 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Company Profile

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.