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

Shares of Devon Energy Co. (NYSE:DVN) have been given a consensus rating of “Moderate Buy” by the nineteen research firms that are presently covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $58.63.

Several equities analysts have issued reports on DVN shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, September 3rd. Truist Financial decreased their price target on Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a research note on Tuesday, July 9th. Wells Fargo & Company cut their price objective on Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, August 14th. Bank of America restated a “buy” rating and set a $64.00 target price on shares of Devon Energy in a research report on Friday, June 14th. Finally, StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd.

Devon Energy Trading Down 2.8 %

NYSE:DVN opened at $40.24 on Wednesday. The company has a market capitalization of $25.43 billion, a PE ratio of 7.68, a P/E/G ratio of 1.17 and a beta of 2.03. Devon Energy has a 52-week low of $40.10 and a 52-week high of $55.09. The stock’s 50 day moving average price is $45.12 and its 200 day moving average price is $47.54. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same period last year, the firm posted $1.18 earnings per share. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. On average, research analysts anticipate that Devon Energy will post 5.37 EPS for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date is Friday, September 13th. Devon Energy’s payout ratio is currently 16.79%.

Institutional Investors Weigh In On Devon Energy

Large investors have recently made changes to their positions in the business. Lazari Capital Management Inc. increased its holdings in Devon Energy by 42.7% in the 2nd quarter. Lazari Capital Management Inc. now owns 31,507 shares of the energy company’s stock valued at $1,493,000 after purchasing an additional 9,423 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Devon Energy in the second quarter worth about $19,139,000. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Devon Energy in the second quarter valued at about $711,000. Dana Investment Advisors Inc. raised its holdings in shares of Devon Energy by 117.3% during the 2nd quarter. Dana Investment Advisors Inc. now owns 23,329 shares of the energy company’s stock valued at $1,106,000 after buying an additional 12,593 shares during the period. Finally, SPC Financial Inc. lifted its position in Devon Energy by 19.1% during the 2nd quarter. SPC Financial Inc. now owns 13,615 shares of the energy company’s stock worth $645,000 after acquiring an additional 2,186 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.