Brokerages Set Devon Energy Co. (NYSE:DVN) Price Target at $50.05

Shares of Devon Energy Co. (NYSE:DVN) have been given an average rating of “Moderate Buy” by the twenty-two ratings firms that are presently covering the firm, Marketbeat.com reports. Eleven research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $50.05.

A number of analysts recently commented on the company. Barclays dropped their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Mizuho reduced their target price on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research note on Thursday, December 5th. UBS Group dropped their price objective on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Finally, StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research note on Monday, December 16th.

Devon Energy Stock Performance

NYSE DVN opened at $30.77 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The company has a fifty day moving average price of $37.65 and a 200-day moving average price of $42.01. Devon Energy has a 1 year low of $30.39 and a 1 year high of $55.09. The firm has a market cap of $20.21 billion, a price-to-earnings ratio of 5.71, a PEG ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data 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 net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the firm posted $1.65 EPS. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. As a group, equities research analysts predict that Devon Energy will post 4.79 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.86%. Devon Energy’s dividend payout ratio is currently 16.33%.

Institutional Trading of Devon Energy

Several institutional investors and hedge funds have recently bought and sold shares of the company. Independent Solutions Wealth Management LLC boosted its stake in Devon Energy by 38.0% during the third quarter. Independent Solutions Wealth Management LLC now owns 13,781 shares of the energy company’s stock valued at $539,000 after buying an additional 3,797 shares during the period. Principal Financial Group Inc. boosted its position in shares of Devon Energy by 1.0% during the 3rd quarter. Principal Financial Group Inc. now owns 731,978 shares of the energy company’s stock valued at $28,635,000 after acquiring an additional 7,487 shares during the last quarter. IMS Capital Management boosted its position in shares of Devon Energy by 49.3% during the 3rd quarter. IMS Capital Management now owns 18,660 shares of the energy company’s stock valued at $730,000 after acquiring an additional 6,165 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Devon Energy by 90.1% during the third quarter. Franklin Resources Inc. now owns 1,363,090 shares of the energy company’s stock worth $58,435,000 after purchasing an additional 646,045 shares in the last quarter. Finally, Peapack Gladstone Financial Corp increased its position in shares of Devon Energy by 13.1% in the third quarter. Peapack Gladstone Financial Corp now owns 137,427 shares of the energy company’s stock worth $5,377,000 after purchasing an additional 15,929 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.