Devon Energy Corporation (NYSE:DVN – Get Free Report) has been assigned a consensus recommendation of “Moderate Buy” from the thirty analysts that are covering the company, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $59.60.
Several research firms have weighed in on DVN. Evercore upgraded shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 target price on the stock in a report on Wednesday, June 10th. Raymond James Financial lowered their price target on shares of Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a report on Thursday, July 16th. Barclays upped their target price on Devon Energy from $54.00 to $62.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Wall Street Zen raised Devon Energy from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Argus boosted their price target on Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, June 10th.
Insider Activity
Institutional Investors Weigh In On Devon Energy
Institutional investors and hedge funds have recently made changes to their positions in the business. LSV Asset Management grew its holdings in shares of Devon Energy by 79.6% in the fourth quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock valued at $29,289,000 after acquiring an additional 354,500 shares in the last quarter. Kimmeridge Energy Management Company LLC lifted its stake in Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after purchasing an additional 3,195,862 shares during the last quarter. Morningstar Investment Management LLC bought a new stake in Devon Energy in the 4th quarter valued at about $2,089,000. Illinois Municipal Retirement Fund lifted its position in shares of Devon Energy by 15.5% during the first quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock worth $9,801,000 after acquiring an additional 26,209 shares in the last quarter. Finally, NewEdge Wealth LLC boosted its stake in Devon Energy by 20.0% in the 1st quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company’s stock worth $24,138,000 after purchasing an additional 80,000 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.
Devon Energy Price Performance
Shares of Devon Energy stock opened at $45.83 on Wednesday. Devon Energy has a twelve month low of $31.47 and a twelve month high of $52.71. The firm’s 50-day simple moving average is $43.40 and its 200-day simple moving average is $45.14. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The firm has a market cap of $50.41 billion, a P/E ratio of 10.89 and a beta of 0.38.
Devon Energy (NYSE:DVN – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. The business had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.Devon Energy’s revenue for the quarter was up 73.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.84 EPS. As a group, research analysts expect that Devon Energy will post 4.99 EPS for the current fiscal year.
Devon Energy Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.32 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. Devon Energy’s payout ratio is currently 30.40%.
Devon Energy Company Profile
Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.
Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.
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