Brokerages Set Devon Energy Co. (NYSE:DVN) Price Target at $59.24

Shares of Devon Energy Co. (NYSE:DVN) have been given a consensus rating of “Moderate Buy” by the seventeen brokerages that are covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $59.24.

Several equities analysts recently weighed in on DVN shares. Mizuho lifted their target price on Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Susquehanna lifted their price target on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a report on Monday, April 22nd. Royal Bank of Canada lifted their target price on shares of Devon Energy from $55.00 to $57.00 and gave the company a “sector perform” rating in a research note on Thursday, May 9th. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Finally, Barclays initiated coverage on Devon Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price on the stock.

Devon Energy Stock Performance

Shares of DVN opened at $47.77 on Friday. The firm has a market capitalization of $30.19 billion, a P/E ratio of 9.12, a PEG ratio of 1.25 and a beta of 2.07. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. Devon Energy has a one year low of $40.47 and a one year high of $55.09. The business has a fifty day moving average of $48.55 and a 200 day moving average of $46.97.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.10 by $0.06. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.46 EPS. As a group, sell-side analysts anticipate that Devon Energy will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a dividend of $0.22 per share. The ex-dividend date was Friday, June 14th. This represents a $0.88 annualized dividend and a yield of 1.84%. Devon Energy’s payout ratio is currently 16.79%.

Insiders Place Their Bets

In other news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the transaction, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently bought and sold shares of DVN. Manchester Capital Management LLC purchased a new position in shares of Devon Energy in the 4th quarter valued at $28,000. Tradewinds Capital Management LLC bought a new position in Devon Energy in the first quarter worth about $30,000. Sound Income Strategies LLC lifted its position in shares of Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after buying an additional 255 shares during the last quarter. Rise Advisors LLC boosted its holdings in shares of Devon Energy by 1,365.3% in the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after buying an additional 669 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its position in shares of Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after buying an additional 374 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other 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.