Devon Energy (NYSE:DVN) Now Covered by Analysts at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of Devon Energy (NYSE:DVN) in a research report released on Thursday, MarketBeat reports. The firm issued a hold rating and a $45.00 target price on the energy company’s stock.

A number of other equities research analysts have also issued reports on DVN. Sanford C. Bernstein cut their target price on shares of Devon Energy from $48.00 to $43.00 and set a market perform rating on the stock in a research note on Wednesday, July 17th. JPMorgan Chase & Co. cut their target price on shares of Devon Energy from $64.00 to $51.00 and set an overweight rating on the stock in a research note on Thursday, September 12th. Evercore ISI cut 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. Piper Sandler lowered their price objective on shares of Devon Energy from $65.00 to $57.00 and set an overweight rating for the company in a research report on Thursday, August 15th. Finally, Susquehanna lowered their price objective on shares of Devon Energy from $65.00 to $63.00 and set a positive rating for the company in a research report on Wednesday, September 4th. Eight investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy has an average rating of Moderate Buy and an average target price of $54.11.

Devon Energy Stock Performance

Shares of DVN stock opened at $41.80 on Thursday. The firm has a market capitalization of $26.42 billion, a P/E ratio of 7.98, a P/E/G ratio of 1.22 and a beta of 2.02. The company’s fifty day moving average price is $42.83 and its two-hundred day moving average price is $46.90. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. Devon Energy has a 12 month low of $37.76 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.18 EPS. On average, research analysts anticipate that Devon Energy will post 5.11 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.11%. The ex-dividend date was Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Devon Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after acquiring an additional 2,559,039 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Devon Energy by 16.8% in the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after acquiring an additional 1,428,776 shares during the period. Los Angeles Capital Management LLC lifted its stake in shares of Devon Energy by 7,165.6% in the 2nd quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock worth $65,234,000 after acquiring an additional 1,357,311 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Devon Energy by 16.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after acquiring an additional 1,255,543 shares during the period. Finally, National Bank of Canada FI lifted its stake in shares of Devon Energy by 447.6% in the 2nd quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock worth $56,299,000 after acquiring an additional 964,147 shares during the period. Institutional investors own 69.72% of the company’s stock.

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.