Stephens upgraded shares of Devon Energy Corporation (NYSE:DVN) from an equal weight rating to an overweight rating in a research report sent to investors on Thursday, November 2nd, Marketbeat.com reports. Stephens currently has $53.00 price objective on the energy company’s stock.
Several other research analysts have also recently commented on the stock. Morgan Stanley raised their target price on shares of Devon Energy Corporation from $42.00 to $48.00 and gave the stock an overweight rating in a report on Wednesday, October 18th. BMO Capital Markets set a $38.00 price objective on shares of Devon Energy Corporation and gave the company a buy rating in a research note on Monday, August 28th. Citigroup Inc. cut their target price on shares of Devon Energy Corporation from $52.00 to $40.00 and set a buy rating on the stock in a research report on Friday, July 21st. Royal Bank Of Canada set a $43.00 target price on shares of Devon Energy Corporation and gave the company a buy rating in a research report on Friday, August 25th. Finally, Stifel Nicolaus set a $61.00 target price on shares of Devon Energy Corporation and gave the company a buy rating in a research report on Friday, August 25th. 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 presently has a consensus rating of Buy and a consensus target price of $46.06.
Shares of Devon Energy Corporation (DVN) traded up $0.14 during trading hours on Thursday, reaching $37.55. 3,585,396 shares of the company traded hands, compared to its average volume of 4,787,884. The firm has a market cap of $19,730.00, a P/E ratio of 26.49, a P/E/G ratio of 1.20 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 has a twelve month low of $28.79 and a twelve month high of $50.69.
Devon Energy Corporation (NYSE:DVN) last released its quarterly earnings results on Tuesday, October 31st. The energy company reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.07. The firm had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Devon Energy Corporation had a net margin of 11.62% and a return on equity of 6.88%. The business’s revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.89 EPS. equities research analysts anticipate that Devon Energy Corporation will post 1.76 earnings per share for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be paid 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 is Thursday, December 14th. Devon Energy Corporation’s payout ratio is currently 8.16%.
Several hedge funds have recently made changes to their positions in the stock. Belpointe Asset Management LLC purchased a new stake in shares of Devon Energy Corporation during the 3rd quarter valued at approximately $397,000. Sterling Capital Management LLC increased its holdings in Devon Energy Corporation by 9.0% during the 3rd quarter. Sterling Capital Management LLC now owns 33,875 shares of the energy company’s stock worth $1,243,000 after acquiring an additional 2,798 shares during the period. Griffin Asset Management Inc. bought a new stake in Devon Energy Corporation during the 3rd quarter worth approximately $1,437,000. Piedmont Investment Advisors LLC increased its holdings in Devon Energy Corporation by 14.0% during the 3rd quarter. Piedmont Investment Advisors LLC now owns 14,855 shares of the energy company’s stock worth $545,000 after acquiring an additional 1,830 shares during the period. Finally, California Public Employees Retirement System increased its holdings in Devon Energy Corporation by 4.6% during the 3rd quarter. California Public Employees Retirement System now owns 1,143,745 shares of the energy company’s stock worth $41,987,000 after acquiring an additional 49,974 shares during the period. Institutional investors own 77.13% of the company’s stock.
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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