Stephens upgraded shares of Devon Energy Corporation (NYSE:DVN) from an equal weight rating to an overweight rating in a research report released on Thursday, November 2nd, Marketbeat reports. Stephens currently has $53.00 price target on the energy company’s stock.
A number of other analysts have also recently weighed in on the company. Cowen and Company set a $40.00 price objective on Devon Energy Corporation and gave the stock a buy rating in a research report on Tuesday, October 31st. Morgan Stanley raised their price objective on Devon Energy Corporation from $42.00 to $48.00 and gave the stock an overweight rating in a research report on Wednesday, October 18th. BMO Capital Markets set a $45.00 price target on Devon Energy Corporation and gave the stock a buy rating in a research report on Tuesday, October 10th. Jefferies Group LLC raised Devon Energy Corporation from a hold rating to a buy rating and set a $43.00 price target for the company in a research report on Monday, October 9th. Finally, Stifel Nicolaus set a $66.00 price target on Devon Energy Corporation and gave the stock a buy rating in a research report on Thursday, October 5th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company. Devon Energy Corporation has an average rating of Buy and a consensus target price of $45.89.
Shares of Devon Energy Corporation (DVN) traded down $0.61 during trading hours on Thursday, hitting $37.62. The stock had a trading volume of 1,713,397 shares, compared to its average volume of 4,799,770. Devon Energy Corporation has a twelve month low of $28.79 and a twelve month high of $50.69. The stock has a market cap of $20,090.00, a P/E ratio of 27.16, a PEG ratio of 1.25 and a beta of 2.22. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.63 and a quick ratio of 1.63.
Devon Energy Corporation (NYSE:DVN) last announced its quarterly earnings results on Tuesday, October 31st. The energy company reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.07. Devon Energy Corporation had a return on equity of 6.88% and a net margin of 11.62%. The business had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same period last year, the business posted $1.89 EPS. The business’s revenue was up 9.5% compared to the same quarter last year. sell-side analysts forecast that Devon Energy Corporation will post 1.74 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date of this dividend is Thursday, December 14th. Devon Energy Corporation’s dividend payout ratio is currently 8.16%.
Several institutional investors have recently bought and sold shares of DVN. Renaissance Technologies LLC increased its position in shares of Devon Energy Corporation by 118.2% during the second quarter. Renaissance Technologies LLC now owns 4,376,500 shares of the energy company’s stock worth $139,917,000 after acquiring an additional 2,370,500 shares during the period. Janus Capital Management LLC increased its holdings in Devon Energy Corporation by 408.1% in the first quarter. Janus Capital Management LLC now owns 2,572,931 shares of the energy company’s stock valued at $107,342,000 after buying an additional 2,066,530 shares during the last quarter. Alyeska Investment Group L.P. increased its holdings in Devon Energy Corporation by 4,117.5% in the third quarter. Alyeska Investment Group L.P. now owns 1,835,864 shares of the energy company’s stock valued at $67,395,000 after buying an additional 1,792,334 shares during the last quarter. Prudential Financial Inc. increased its holdings in Devon Energy Corporation by 66.7% in the second quarter. Prudential Financial Inc. now owns 4,365,017 shares of the energy company’s stock valued at $139,549,000 after buying an additional 1,745,977 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Devon Energy Corporation by 3.0% in the second quarter. Vanguard Group Inc. now owns 44,823,163 shares of the energy company’s stock valued at $1,432,998,000 after buying an additional 1,295,417 shares during the last quarter. 77.27% of the stock is currently owned by institutional investors and hedge funds.
About Devon Energy Corporation
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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