Devon Energy Corporation (NYSE:DVN) Receives $43.86 Consensus PT from Brokerages

Devon Energy Corporation (NYSE:DVN) has been assigned an average recommendation of “Moderate Buy” from the thirty research firms that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $44.4828.

DVN has been the subject of several recent analyst reports. Scotiabank reiterated an “outperform” rating on shares of Devon Energy in a report on Thursday, October 9th. The Goldman Sachs Group increased their target price on Devon Energy from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. Susquehanna lifted their target price on Devon Energy from $40.00 to $42.00 and gave the stock a “positive” rating in a report on Wednesday, November 12th. Roth Capital began coverage on Devon Energy in a report on Monday, October 13th. They set a “buy” rating and a $42.00 price target on the stock. Finally, Royal Bank Of Canada set a $42.00 price objective on Devon Energy and gave the company a “sector perform” rating in a research report on Friday, October 10th.

Devon Energy Price Performance

DVN opened at $37.49 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.87 and a debt-to-equity ratio of 0.48. The company has a market cap of $23.52 billion, a price-to-earnings ratio of 8.82, a price-to-earnings-growth ratio of 2.89 and a beta of 0.62. The stock has a fifty day simple moving average of $34.38 and a two-hundred day simple moving average of $33.85. Devon Energy has a 12-month low of $25.89 and a 12-month high of $38.88.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. The firm had revenue of $0.00 million for the quarter, compared to analysts’ expectations of $4.10 billion. Devon Energy had a return on equity of 18.14% and a net margin of 15.56%.During the same period in the previous year, the firm posted $1.10 EPS. Research analysts predict that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, December 15th. Devon Energy’s payout ratio is presently 22.59%.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently added to or reduced their stakes in DVN. AQR Capital Management LLC raised its stake in shares of Devon Energy by 78.7% in the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after buying an additional 2,802,137 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Devon Energy by 81.1% in the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock worth $188,131,000 after buying an additional 2,252,918 shares in the last quarter. Vanguard Group Inc. lifted 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. Adage Capital Partners GP L.L.C. boosted its stake in Devon Energy by 83.9% during the second quarter. Adage Capital Partners GP L.L.C. now owns 4,568,092 shares of the energy company’s stock valued at $145,311,000 after buying an additional 2,083,600 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Devon Energy during the 1st quarter worth approximately $69,975,000. Institutional investors 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.