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

Shares of Devon Energy Corporation (NYSE:DVN) have been given an average recommendation of “Moderate Buy” by the twenty-three analysts that are presently covering the firm, MarketBeat.com reports. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $43.50.

DVN has been the topic of several recent research reports. Benchmark reaffirmed a “buy” rating and set a $44.00 price objective on shares of Devon Energy in a report on Thursday, February 20th. JPMorgan Chase & Co. decreased their price target on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Piper Sandler dropped their price objective on shares of Devon Energy from $56.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, May 13th. Citigroup reduced their target price on shares of Devon Energy from $46.00 to $43.00 and set a “buy” rating on the stock in a report on Friday, April 4th. Finally, Susquehanna lowered their price target on shares of Devon Energy from $52.00 to $41.00 and set a “positive” rating for the company in a report on Tuesday, April 22nd.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in DVN. Resona Asset Management Co. Ltd. purchased a new position in shares of Devon Energy during the fourth quarter worth approximately $5,967,000. New York State Teachers Retirement System grew its stake in Devon Energy by 4.5% in the fourth quarter. New York State Teachers Retirement System now owns 736,351 shares of the energy company’s stock worth $24,101,000 after purchasing an additional 31,520 shares in the last quarter. Merit Financial Group LLC increased its holdings in Devon Energy by 209.5% during the 1st quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company’s stock worth $848,000 after purchasing an additional 15,351 shares during the period. Aviva PLC raised its position in Devon Energy by 767.3% during the 4th quarter. Aviva PLC now owns 376,999 shares of the energy company’s stock valued at $12,339,000 after purchasing an additional 333,530 shares in the last quarter. Finally, Ninepoint Partners LP lifted its holdings in shares of Devon Energy by 12.5% in the 4th quarter. Ninepoint Partners LP now owns 450,000 shares of the energy company’s stock worth $14,728,000 after buying an additional 50,000 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

DVN opened at $34.02 on Friday. The stock has a market capitalization of $21.84 billion, a price-to-earnings ratio of 7.75, a PEG ratio of 2.54 and a beta of 1.02. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $49.35. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08. The company has a fifty day moving average of $31.79 and a 200 day moving average of $33.56.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The firm had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.31 billion. During the same period last year, the firm posted $1.16 earnings per share. The company’s revenue for the quarter was up 23.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy’s payout ratio is presently 21.87%.

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.