Devon Energy Corporation (NYSE:DVN) Receives $46.29 Consensus PT from Analysts

Devon Energy Corporation (NYSE:DVN) has received an average rating of “Moderate Buy” from the thirty brokerages that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation, twenty-two have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $47.3077.

DVN has been the topic of a number of recent analyst reports. The Goldman Sachs Group lifted their price target on shares of Devon Energy from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, November 13th. UBS Group set a $50.00 target price on Devon Energy in a research note on Wednesday, February 4th. Scotiabank increased their price target on Devon Energy from $41.00 to $45.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 3rd. Mizuho set a $51.00 price objective on Devon Energy in a report on Tuesday, February 3rd. Finally, Citigroup boosted their price objective on Devon Energy from $43.00 to $44.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th.

Devon Energy Stock Performance

Shares of DVN stock opened at $44.30 on Wednesday. The stock has a market cap of $27.46 billion, a PE ratio of 10.62, a price-to-earnings-growth ratio of 4.12 and a beta of 0.61. The stock has a 50-day moving average of $38.92 and a 200-day moving average of $36.12. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.87. Devon Energy has a one year low of $25.89 and a one year high of $46.15.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.01. The business had revenue of $17.19 billion for the quarter, compared to analyst estimates of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. Devon Energy’s quarterly revenue was down 6.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.10 EPS. As a group, sell-side analysts expect that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. Devon Energy’s dividend payout ratio is currently 23.02%.

Hedge Funds Weigh In On Devon Energy

Large investors have recently added to or reduced their stakes in the company. Woodline Partners LP grew its holdings in shares of Devon Energy by 98.8% during the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after buying an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of Devon Energy during the 2nd quarter worth approximately $403,000. Mutual Advisors LLC raised its holdings in shares of Devon Energy by 34.7% in the second quarter. Mutual Advisors LLC now owns 12,137 shares of the energy company’s stock valued at $400,000 after purchasing an additional 3,126 shares during the last quarter. Private Trust Co. NA raised its holdings in shares of Devon Energy by 35.0% in the second quarter. Private Trust Co. NA now owns 2,310 shares of the energy company’s stock valued at $73,000 after purchasing an additional 599 shares during the last quarter. Finally, Chicago Partners Investment Group LLC lifted its position in shares of Devon Energy by 50.4% in the second quarter. Chicago Partners Investment Group LLC now owns 13,110 shares of the energy company’s stock worth $436,000 after purchasing an additional 4,396 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.