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

Devon Energy Co. (NYSE:DVN) has earned an average rating of “Moderate Buy” from the fifteen brokerages that are currently covering the company, MarketBeat reports. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $58.18.

A number of equities analysts recently weighed in on DVN shares. Piper Sandler lowered their price objective on shares of Devon Energy from $67.00 to $61.00 and set an “overweight” rating for the company in a research report on Thursday, November 16th. Truist Financial lowered their price objective on shares of Devon Energy from $68.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, November 9th. StockNews.com started coverage on shares of Devon Energy in a research report on Thursday, October 5th. They set a “hold” rating for the company. UBS Group lowered their price objective on shares of Devon Energy from $54.00 to $52.00 and set a “neutral” rating for the company in a research report on Tuesday, November 14th. Finally, Sanford C. Bernstein cut shares of Devon Energy from an “outperform” rating to a “market perform” rating and set a $48.00 price objective for the company. in a research report on Tuesday, October 17th.

Devon Energy Stock Performance

Devon Energy stock opened at $45.65 on Thursday. The firm has a 50 day simple moving average of $47.05 and a 200-day simple moving average of $48.84. Devon Energy has a 1-year low of $42.59 and a 1-year high of $70.43. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.89. The stock has a market cap of $29.25 billion, a price-to-earnings ratio of 7.80, a price-to-earnings-growth ratio of 0.15 and a beta of 2.30.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be paid a $0.77 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $0.49. The ex-dividend date is Thursday, December 14th. This represents a $3.08 annualized dividend and a dividend yield of 6.75%. Devon Energy’s dividend payout ratio (DPR) is 13.68%.

Institutional Trading of Devon Energy

Several hedge funds and other institutional investors have recently made changes to their positions in DVN. T. Rowe Price Investment Management Inc. raised its position in Devon Energy by 96.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,608,577 shares of the energy company’s stock worth $344,984,000 after acquiring an additional 2,752,752 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new position in shares of Devon Energy in the third quarter valued at approximately $113,793,000. Morgan Stanley raised its position in shares of Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after buying an additional 2,220,194 shares during the last quarter. Barclays PLC raised its position in shares of Devon Energy by 124.6% in the second quarter. Barclays PLC now owns 2,874,386 shares of the energy company’s stock valued at $138,951,000 after buying an additional 1,594,886 shares during the last quarter. Finally, Epoch Investment Partners Inc. acquired a new position in shares of Devon Energy in the first quarter valued at approximately $77,126,000. Institutional investors and hedge funds own 68.34% of the company’s stock.

About Devon Energy

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.