Devon Energy Co. (NYSE:DVN) Receives $51.85 Average Target Price from Analysts

Shares of Devon Energy Co. (NYSE:DVN) have earned an average recommendation of “Moderate Buy” from the twenty-two analysts that are presently covering the stock, Marketbeat.com reports. Ten research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $51.15.

A number of equities research analysts have commented on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a report on Tuesday, September 3rd. Citigroup reduced their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Susquehanna dropped their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Scotiabank reduced their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Finally, Mizuho lowered their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th.

Devon Energy Stock Performance

DVN stock opened at $37.95 on Monday. The firm has a market cap of $24.93 billion, a PE ratio of 7.04, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03. 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 stock has a 50-day moving average price of $39.68 and a 200-day moving average price of $43.52. Devon Energy has a 1-year low of $37.28 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 24.73% and a net margin of 21.71%. The company’s revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.65 earnings per share. As a group, equities research analysts expect that Devon Energy will post 4.79 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.32%. Devon Energy’s payout ratio is presently 16.33%.

Institutional Trading of Devon Energy

A number of hedge funds have recently bought and sold shares of the business. Annex Advisory Services LLC grew its stake in Devon Energy by 0.8% in the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock valued at $1,311,000 after purchasing an additional 223 shares during the period. Versant Capital Management Inc boosted its holdings in shares of Devon Energy by 30.4% in the 2nd quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock worth $46,000 after buying an additional 226 shares during the last quarter. Archer Investment Corp grew its position in Devon Energy by 2.8% during the second quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock valued at $405,000 after buying an additional 235 shares during the period. Citizens Financial Group Inc. RI increased its holdings in Devon Energy by 2.6% during the first quarter. Citizens Financial Group Inc. RI now owns 9,480 shares of the energy company’s stock worth $476,000 after buying an additional 236 shares during the last quarter. Finally, Institute for Wealth Management LLC. raised its position in Devon Energy by 4.0% in the second quarter. Institute for Wealth Management LLC. now owns 6,234 shares of the energy company’s stock worth $296,000 after acquiring an additional 237 shares during the period. 69.72% of the stock is currently owned by institutional investors.

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.