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

Devon Energy Co. (NYSE:DVN) has received an average rating of “Moderate Buy” from the twenty-two analysts that are currently covering the company, MarketBeat Ratings reports. Ten equities research analysts have rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $51.85.

A number of analysts have recently issued reports on the stock. Susquehanna cut their target price on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Evercore ISI cut their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. Raymond James decreased their target price on Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Benchmark reissued a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Finally, Truist Financial downgraded Devon Energy from a “buy” rating to a “hold” rating and reduced their price target for the company from $49.00 to $43.00 in a research note on Thursday, November 7th.

Institutional Trading of Devon Energy

Institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in Devon Energy by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after acquiring an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. bought a new stake in shares of Devon Energy in the third quarter worth approximately $461,857,000. Pacer Advisors Inc. lifted its position in Devon Energy by 16.9% during 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 period. EnCap Partners GP LLC bought a new position in Devon Energy during the third quarter valued at approximately $408,653,000. Finally, Victory Capital Management Inc. boosted its holdings in Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after purchasing an additional 361,968 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Trading Up 1.9 %

Devon Energy stock opened at $39.45 on Monday. The company has a market cap of $25.91 billion, a price-to-earnings ratio of 7.32, a P/E/G ratio of 1.22 and a beta of 2.03. The firm has a 50-day moving average of $39.94 and a 200-day moving average of $43.90. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy has a one year low of $37.76 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.65 earnings per share. On average, equities analysts expect that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.23%. Devon Energy’s payout ratio is currently 16.33%.

Devon Energy Company Profile

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.