Scotiabank Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price objective upped by Scotiabank from $35.00 to $40.00 in a report issued on Friday,Benzinga reports. They currently have a sector outperform rating on the energy company’s stock.

A number of other research firms have also commented on DVN. Royal Bank Of Canada lowered their price target on shares of Devon Energy from $49.00 to $40.00 and set a “sector perform” rating for the company in a report on Monday, April 14th. The Goldman Sachs Group increased their target price on shares of Devon Energy from $38.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. UBS Group cut their target price on Devon Energy from $41.00 to $35.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th. Bank of America lowered their price target on Devon Energy from $52.00 to $42.00 and set a “buy” rating for the company in a research report on Tuesday, April 29th. Finally, Barclays lifted their price objective on Devon Energy from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 7th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average target price of $43.79.

Devon Energy Stock Up 0.1%

DVN opened at $33.99 on Friday. Devon Energy has a 12 month low of $25.89 and a 12 month high of $49.35. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. The business’s 50-day moving average price is $32.69 and its 200-day moving average price is $33.51. The company has a market cap of $21.82 billion, a P/E ratio of 7.74, a P/E/G ratio of 2.53 and a beta of 1.02.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The company had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.31 billion. During the same period last year, the firm earned $1.16 earnings per share. Devon Energy’s revenue for the quarter was up 23.8% on a year-over-year basis. On average, equities analysts expect that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend was Friday, June 13th. Devon Energy’s dividend payout ratio (DPR) is 21.87%.

Institutional Trading of Devon Energy

Several institutional investors have recently bought and sold shares of the company. Hurley Capital LLC bought a new stake in shares of Devon Energy in the 4th quarter worth $26,000. Financial Gravity Asset Management Inc. bought a new stake in shares of Devon Energy during the 1st quarter valued at about $26,000. Banque Cantonale Vaudoise purchased a new stake in shares of Devon Energy during the 1st quarter valued at about $26,000. Accredited Wealth Management LLC bought a new position in shares of Devon Energy in the 4th quarter worth approximately $28,000. Finally, Rakuten Securities Inc. increased its holdings in Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock valued at $31,000 after buying an additional 405 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other 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.