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

Devon Energy Co. (NYSE:DVN) has received a consensus recommendation of “Moderate Buy” from the twenty-two research firms that are currently covering the company, Marketbeat.com reports. Ten investment analysts have rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $49.43.

Several equities research analysts have weighed in on the company. UBS Group cut their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. 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 report on Thursday, December 5th. Barclays lowered their price target on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a report on Friday, January 3rd. Finally, Raymond James lowered their target price on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th.

Devon Energy Trading Up 2.4 %

NYSE DVN opened at $36.84 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The firm has a market cap of $24.20 billion, a price-to-earnings ratio of 6.83, a PEG ratio of 1.07 and a beta of 2.00. The firm has a 50 day simple moving average of $35.58 and a 200-day simple moving average of $40.49. Devon Energy has a one year low of $30.39 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.65 EPS. Equities research analysts anticipate that Devon Energy will post 4.79 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $0.22 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.39%. Devon Energy’s dividend payout ratio is presently 16.33%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently made changes to their positions in DVN. SkyOak Wealth LLC raised its stake in Devon Energy by 4.1% during the 2nd quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock valued at $298,000 after acquiring an additional 250 shares during the last quarter. Riversedge Advisors LLC raised its stake in shares of Devon Energy by 3.6% during the third quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock worth $287,000 after purchasing an additional 253 shares during the last quarter. Modus Advisors LLC lifted its holdings in shares of Devon Energy by 2.4% during the third quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock worth $447,000 after purchasing an additional 272 shares during the period. Lummis Asset Management LP grew its position in Devon Energy by 1.0% in the 2nd quarter. Lummis Asset Management LP now owns 30,055 shares of the energy company’s stock valued at $1,425,000 after buying an additional 290 shares during the last quarter. Finally, Hazlett Burt & Watson Inc. increased its stake in Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after buying an additional 290 shares during the period. 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.