Analysts Set Devon Energy Co. (NYSE:DVN) Price Target at $52.53

Devon Energy Co. (NYSE:DVN) has been given an average rating of “Moderate Buy” by the twenty-three ratings firms that are covering the firm, Marketbeat.com reports. Nine research analysts have rated the stock with a hold recommendation and fourteen have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $52.15.

A number of analysts have weighed in on the stock. TD Cowen decreased their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday. Morgan Stanley reduced their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Wolfe Research initiated coverage on Devon Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Scotiabank lowered their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Finally, Raymond James cut their target price on shares of Devon Energy from $58.00 to $51.00 in a research report on Tuesday.

Devon Energy Stock Up 1.7 %

NYSE DVN opened at $40.01 on Thursday. Devon Energy has a fifty-two week low of $37.76 and a fifty-two week high of $55.09. The business has a fifty day moving average price of $40.81 and a two-hundred day moving average price of $45.06. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The stock has a market capitalization of $25.05 billion, a PE ratio of 7.42, a PEG ratio of 1.18 and a beta of 2.03.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period last year, the company posted $1.65 EPS. Equities analysts expect that Devon Energy will post 4.93 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, December 30th. Shareholders of record on Friday, December 13th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s payout ratio is 16.33%.

Hedge Funds Weigh In On Devon Energy

Institutional investors and hedge funds have recently made changes to their positions in the stock. Straight Path Wealth Management raised its stake in Devon Energy by 238.3% during the 3rd quarter. Straight Path Wealth Management now owns 15,900 shares of the energy company’s stock worth $622,000 after buying an additional 11,200 shares during the period. Maxwell Wealth Strategies Inc. raised its position in shares of Devon Energy by 38.0% during the third quarter. Maxwell Wealth Strategies Inc. now owns 40,494 shares of the energy company’s stock worth $1,593,000 after purchasing an additional 11,159 shares during the period. Empirical Finance LLC raised its position in shares of Devon Energy by 2.7% during the third quarter. Empirical Finance LLC now owns 20,602 shares of the energy company’s stock worth $806,000 after purchasing an additional 537 shares during the period. Empowered Funds LLC lifted its holdings in shares of Devon Energy by 52.9% in the 3rd quarter. Empowered Funds LLC now owns 710,952 shares of the energy company’s stock worth $27,812,000 after purchasing an additional 246,059 shares in the last quarter. Finally, Vectors Research Management LLC grew its position in Devon Energy by 5.4% in the 3rd quarter. Vectors Research Management LLC now owns 19,083 shares of the energy company’s stock valued at $747,000 after purchasing an additional 982 shares during the period. 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.