Devon Energy Co. (NYSE:DVN) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Devon Energy Co. (NYSE:DVN) have been given an average recommendation of “Moderate Buy” by the twenty-two brokerages that are presently covering the stock, Marketbeat reports. Eight research analysts have rated the stock with a hold recommendation and fourteen have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $49.27.

DVN has been the subject of several research reports. Benchmark raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a research report on Tuesday, January 14th. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Friday, January 3rd. Truist Financial cut their price objective on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research report on Monday, January 13th. Mizuho decreased their target price on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Finally, Barclays cut their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Capital Performance Advisors LLP bought a new position in shares of Devon Energy in the 3rd quarter valued at about $35,000. Future Financial Wealth Managment LLC purchased a new stake in Devon Energy during the third quarter valued at approximately $39,000. True Wealth Design LLC lifted its stake in shares of Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after purchasing an additional 1,089 shares during the last quarter. Hazlett Burt & Watson Inc. boosted its holdings in shares of Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares during the period. Finally, Activest Wealth Management increased its position in shares of Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after purchasing an additional 480 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Down 1.2 %

Shares of Devon Energy stock opened at $37.98 on Tuesday. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy has a twelve month low of $30.39 and a twelve month high of $55.09. The company has a market cap of $24.95 billion, a price-to-earnings ratio of 7.05, a price-to-earnings-growth ratio of 1.14 and a beta of 2.00. The company’s 50 day moving average is $35.46 and its 200 day moving average is $40.14.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the business posted $1.65 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. Research analysts anticipate that Devon Energy will post 4.72 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.32%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

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.