Jefferies Financial Group Initiates Coverage on Devon Energy (NYSE:DVN)

Jefferies Financial Group started coverage on shares of Devon Energy (NYSE:DVN) in a research report sent to investors on Thursday, Marketbeat.com reports. The firm issued a hold rating and a $45.00 price objective on the energy company’s stock.

A number of other analysts also recently issued reports on DVN. Evercore ISI cut their price objective on shares of Devon Energy from $55.00 to $50.00 and set an in-line rating for the company in a report on Monday, September 30th. Scotiabank reduced their price target on Devon Energy from $67.00 to $60.00 and set a sector outperform rating on the stock in a research report on Friday, July 12th. Susquehanna dropped their price objective on Devon Energy from $65.00 to $63.00 and set a positive rating for the company in a report on Wednesday, September 4th. Morgan Stanley dropped their price target on Devon Energy from $55.00 to $51.00 and set an overweight rating for the company in a research note on Monday, September 16th. Finally, Sanford C. Bernstein reduced their price objective on shares of Devon Energy from $48.00 to $43.00 and set a market perform rating on the stock in a research note on Wednesday, July 17th. Eight investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $53.79.

Devon Energy Stock Performance

DVN opened at $42.42 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. Devon Energy has a 12-month low of $37.76 and a 12-month high of $55.09. The business has a 50 day moving average of $42.66 and a 200-day moving average of $46.82. The stock has a market cap of $26.81 billion, a price-to-earnings ratio of 8.10, a PEG ratio of 1.22 and a beta of 2.02.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same period in the previous year, the company earned $1.18 earnings per share. The company’s quarterly revenue was up 13.4% on a year-over-year basis. On average, equities research analysts expect that Devon Energy will post 5.11 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

Hedge Funds Weigh In On Devon Energy

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Devon Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after purchasing an additional 2,559,039 shares during the last quarter. Pacer Advisors Inc. raised its stake in Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after buying an additional 1,428,776 shares during the last quarter. Raymond James & Associates lifted its holdings in Devon Energy by 1.5% in the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock valued at $435,311,000 after buying an additional 138,919 shares during the period. Dimensional Fund Advisors LP boosted its position in Devon Energy by 16.7% during the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock valued at $416,779,000 after acquiring an additional 1,255,543 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its holdings in Devon Energy by 15.9% during the 2nd quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock worth $241,456,000 after acquiring an additional 699,743 shares during the period. 69.72% of the stock is currently owned by institutional investors.

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.