Devon Energy (NYSE:DVN) Rating Increased to Outperform at Wolfe Research

Wolfe Research upgraded shares of Devon Energy (NYSE:DVN) from a peer perform rating to an outperform rating in a research note published on Friday, Marketbeat reports. The firm currently has $45.00 price target on the energy company’s stock.

Several other equities research analysts have also recently issued reports on the stock. JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research note on Thursday, December 5th. Citigroup dropped their price objective on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Evercore ISI decreased their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th. Benchmark restated a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Finally, TD Cowen cut their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Eleven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $49.81.

Devon Energy Stock Up 1.6 %

DVN stock opened at $33.93 on Friday. The stock has a market capitalization of $22.29 billion, a P/E ratio of 6.30, a P/E/G ratio of 1.10 and a beta of 1.99. Devon Energy has a 52 week low of $30.39 and a 52 week high of $55.09. The firm has a 50-day simple moving average of $35.97 and a 200-day simple moving average of $40.97. 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 (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.65 earnings per share. Equities analysts forecast that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Devon Energy in the third quarter valued at approximately $461,857,000. EnCap Partners GP LLC acquired a new stake in Devon Energy during the 3rd quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new position in Devon Energy in the 3rd quarter valued at approximately $230,928,000. International Assets Investment Management LLC grew its stake in shares of Devon Energy by 4,125.7% in the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after acquiring an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. increased its position in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after acquiring an additional 1,677,652 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.