Analysts Set Devon Energy Co. (NYSE:DVN) Price Target at $48.29

Shares of Devon Energy Co. (NYSE:DVN) have received an average recommendation of “Moderate Buy” from the twenty-three research firms that are presently covering the stock, MarketBeat reports. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $48.29.

Several equities analysts recently weighed in on DVN shares. Piper Sandler raised their price target on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Susquehanna raised their target price on Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a report on Thursday, February 20th. JPMorgan Chase & Co. decreased their price target on Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Finally, Citigroup cut their price objective on shares of Devon Energy from $48.00 to $46.00 and set a “buy” rating on the stock in a report on Monday, March 17th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in DVN. MassMutual Private Wealth & Trust FSB boosted its position in Devon Energy by 94.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 8,689 shares of the energy company’s stock worth $325,000 after purchasing an additional 4,212 shares during the period. Mascagni Wealth Management Inc. purchased a new stake in shares of Devon Energy during the 4th quarter valued at approximately $141,000. DSG Capital Advisors LLC purchased a new stake in shares of Devon Energy during the 4th quarter valued at approximately $790,000. 111 Capital bought a new position in Devon Energy in the 4th quarter worth approximately $1,617,000. Finally, Thoma Capital Management LLC purchased a new position in Devon Energy in the 4th quarter valued at approximately $530,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $37.56 on Friday. Devon Energy has a twelve month low of $30.39 and a twelve month high of $55.09. The stock’s 50 day moving average is $35.39 and its 200-day moving average is $36.81. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $24.37 billion, a price-to-earnings ratio of 8.24, a PEG ratio of 1.20 and a beta of 1.91.

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

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.56%. Devon Energy’s payout ratio is presently 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.