Devon Energy Corporation (NYSE:DVN) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Devon Energy Corporation (NYSE:DVN) have received an average rating of “Moderate Buy” from the twenty-six analysts that are currently covering the firm, Marketbeat.com reports. Ten equities research analysts have rated the stock with a hold recommendation and sixteen have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $44.0370.

DVN has been the subject of a number of research reports. Siebert Williams Shank raised their target price on shares of Devon Energy from $47.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, June 23rd. Bernstein Bank cut their target price on shares of Devon Energy from $45.00 to $43.00 and set an “outperform” rating for the company in a research note on Monday, July 7th. William Blair initiated coverage on shares of Devon Energy in a research note on Monday, August 25th. They set an “outperform” rating for the company. Jefferies Financial Group raised their target price on shares of Devon Energy from $31.00 to $33.00 and gave the stock a “hold” rating in a research note on Monday, July 14th. Finally, Wells Fargo & Company raised their target price on shares of Devon Energy from $42.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 12th.

Devon Energy Stock Performance

Shares of DVN stock opened at $35.76 on Friday. The stock has a market cap of $22.70 billion, a P/E ratio of 8.02, a P/E/G ratio of 2.04 and a beta of 1.09. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The company has a fifty day moving average price of $34.15 and a two-hundred day moving average price of $33.15. Devon Energy has a one year low of $25.89 and a one year high of $43.29.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. The firm had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.41 earnings per share. As a group, equities analysts predict that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $0.24 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 2.7%. Devon Energy’s payout ratio is 21.52%.

Insiders Place Their Bets

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director owned 31,801 shares in the company, valued at $1,064,061.46. The trade was a 19.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.71% of the stock is owned by company insiders.

Institutional Trading of Devon Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Devon Energy by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock worth $3,096,000,000 after purchasing an additional 2,098,568 shares in the last quarter. Geode Capital Management LLC raised its stake in Devon Energy by 1.2% in the 2nd quarter. Geode Capital Management LLC now owns 18,595,683 shares of the energy company’s stock worth $589,399,000 after purchasing an additional 218,034 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Devon Energy by 12.9% in the 1st quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company’s stock valued at $430,805,000 after buying an additional 1,315,050 shares in the last quarter. Northern Trust Corp raised its position in shares of Devon Energy by 5.1% in the 1st quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company’s stock valued at $245,987,000 after buying an additional 316,460 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Devon Energy by 78.7% in the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock valued at $202,327,000 after buying an additional 2,802,137 shares in the last quarter. Institutional investors and hedge funds 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.