DVN has been the topic of several other reports. Capital One Financial downgraded shares of Devon Energy from an overweight rating to an equal weight rating in a research report on Wednesday, January 10th. Jefferies Group set a $46.00 target price on shares of Devon Energy and gave the stock a buy rating in a research report on Wednesday, December 20th. Royal Bank of Canada set a $43.00 target price on shares of Devon Energy and gave the stock a buy rating in a research report on Friday, February 23rd. Citigroup reiterated a buy rating and set a $44.00 target price on shares of Devon Energy in a research report on Tuesday, November 28th. Finally, Seaport Global Securities upgraded shares of Devon Energy from a neutral rating to a buy rating in a research report on Tuesday, December 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of $45.79.
Shares of Devon Energy (NYSE DVN) opened at $32.82 on Friday. Devon Energy has a one year low of $28.79 and a one year high of $45.16. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.73. The firm has a market cap of $17,250.00, a P/E ratio of 19.08, a PEG ratio of 2.10 and a beta of 2.26.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be given a $0.08 dividend. The ex-dividend date is Thursday, June 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.98%. This is an increase from Devon Energy’s previous quarterly dividend of $0.06. Devon Energy’s payout ratio is 13.95%.
Devon Energy declared that its Board of Directors has initiated a share buyback program on Wednesday, March 7th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the energy company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In other news, EVP Lyndon C. Taylor sold 12,798 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $38.29, for a total value of $490,035.42. Following the transaction, the executive vice president now owns 67,900 shares in the company, valued at approximately $2,599,891. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.51% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of DVN. Nationwide Fund Advisors lifted its position in shares of Devon Energy by 3.2% in the 3rd quarter. Nationwide Fund Advisors now owns 324,989 shares of the energy company’s stock worth $11,930,000 after purchasing an additional 9,993 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in shares of Devon Energy by 17.0% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 67,106 shares of the energy company’s stock valued at $2,464,000 after acquiring an additional 9,738 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Devon Energy by 4.6% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 75,298 shares of the energy company’s stock valued at $2,764,000 after acquiring an additional 3,305 shares in the last quarter. State of Wisconsin Investment Board increased its stake in shares of Devon Energy by 118.6% in the 3rd quarter. State of Wisconsin Investment Board now owns 744,045 shares of the energy company’s stock valued at $27,314,000 after acquiring an additional 403,751 shares in the last quarter. Finally, Gamco Investors INC. ET AL increased its stake in shares of Devon Energy by 7.1% in the 3rd quarter. Gamco Investors INC. ET AL now owns 144,100 shares of the energy company’s stock valued at $5,290,000 after acquiring an additional 9,500 shares in the last quarter. Hedge funds and other institutional investors own 82.22% of the company’s stock.
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About Devon Energy
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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