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

Shares of Devon Energy Co. (NYSE:DVN) have earned a consensus rating of “Moderate Buy” from the twenty-three ratings firms that are currently covering the stock, Marketbeat.com reports. Nine analysts have rated the stock with a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $48.87.

Several analysts have recently issued reports on DVN shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a report on Friday, January 10th. Benchmark reaffirmed a “buy” rating and set a $44.00 price objective on shares of Devon Energy in a report on Thursday, February 20th. Cowen downgraded Devon Energy to a “hold” rating and lowered their price target for the stock from $46.00 to $45.00 in a research report on Tuesday, February 18th. Citigroup lowered their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Finally, Truist Financial raised their price target on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Devon Energy by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after buying an additional 5,465,692 shares during the period. Geode Capital Management LLC grew its stake in Devon Energy by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock valued at $552,830,000 after purchasing an additional 1,038,305 shares during the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new position in Devon Energy in the third quarter valued at about $461,857,000. Pacer Advisors Inc. grew its stake in Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares during the last quarter. Finally, EnCap Partners GP LLC purchased a new position in Devon Energy in the third quarter valued at about $408,653,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 2.6 %

DVN stock opened at $34.74 on Wednesday. Devon Energy has a 1-year low of $30.39 and a 1-year high of $55.09. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The company has a market capitalization of $22.54 billion, a price-to-earnings ratio of 7.62, a PEG ratio of 1.20 and a beta of 1.91. The business has a 50 day simple moving average of $35.24 and a two-hundred day simple moving average of $37.63.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Research analysts anticipate that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 2.76%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio (DPR) is currently 21.05%.

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.