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

Shares of Devon Energy Corporation (NYSE:DVN) have been assigned an average recommendation of “Moderate Buy” from the thirty ratings firms that are covering the company, Marketbeat reports. Five research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $59.3019.

Several analysts have recently commented on the stock. Seaport Research Partners began coverage on shares of Devon Energy in a research report on Thursday, September 3rd. They issued a “buy” rating and a $65.00 price target on the stock. Wall Street Zen cut Devon Energy from a “buy” rating to a “hold” rating in a report on Saturday, September 5th. Mizuho raised their price target on Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Stifel Nicolaus assumed coverage on Devon Energy in a report on Thursday. They issued a “buy” rating and a $61.00 price target for the company. Finally, Truist Financial increased their price objective on Devon Energy from $61.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 6th.

Devon Energy Trading Up 0.3%

Shares of DVN stock opened at $50.19 on Friday. The stock has a market cap of $55.21 billion, a P/E ratio of 11.92, a P/E/G ratio of 1.37 and a beta of 0.37. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. Devon Energy has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The business has a fifty day simple moving average of $45.61 and a 200-day simple moving average of $45.95.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same period in the previous year, the firm earned $0.84 EPS. The business’s revenue for the quarter was up 73.1% compared to the same quarter last year. On average, analysts forecast that Devon Energy will post 5.24 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.6%. Devon Energy’s payout ratio is presently 30.40%.

Institutional Investors Weigh In On Devon Energy

Hedge funds have recently modified their holdings of the company. Woodline Partners LP grew its stake in Devon Energy by 98.8% in the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after acquiring an additional 57,555 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Devon Energy during the 2nd quarter worth $403,000. Jump Financial LLC boosted its holdings in shares of Devon Energy by 58.8% during the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after purchasing an additional 10,464 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Devon Energy by 17.8% during the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after purchasing an additional 22,482 shares during the last quarter. Finally, NewEdge Advisors LLC grew its position in shares of Devon Energy by 6.0% in the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock valued at $4,586,000 after purchasing an additional 8,127 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

About Devon Energy

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon’s operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.