Devon Energy (DVN) Given a $51.00 Price Target at Cowen
A number of other research firms also recently weighed in on DVN. Piper Jaffray Companies reissued a hold rating and issued a $42.00 price target on shares of Devon Energy in a research note on Tuesday, January 9th. Capital One Financial downgraded Devon Energy from an overweight rating to an equal weight rating in a research note on Wednesday, January 10th. Barclays reissued a buy rating and issued a $39.00 price target on shares of Devon Energy in a research note on Sunday, December 24th. Royal Bank of Canada set a $47.00 price target on Devon Energy and gave the company a buy rating in a research note on Wednesday, December 20th. Finally, Jefferies Group set a $46.00 price target on Devon Energy and gave the company a buy rating in a research note on Wednesday, December 20th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and fifteen have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $46.50.
Devon Energy (NYSE:DVN) traded down $0.35 during trading hours on Thursday, reaching $42.85. The company’s stock had a trading volume of 5,596,031 shares, compared to its average volume of 4,480,000. Devon Energy has a 12-month low of $28.79 and a 12-month high of $47.82. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.63 and a current ratio of 1.63. The firm has a market cap of $22,520.00, a P/E ratio of 14.57, a price-to-earnings-growth ratio of 2.52 and a beta of 2.21.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date is Wednesday, March 14th. Devon Energy’s dividend payout ratio is currently 8.16%.
In related news, EVP Lyndon C. Taylor sold 12,798 shares of the company’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $38.29, for a total value of $490,035.42. Following the completion of the sale, the executive vice president now owns 67,900 shares in the company, valued at approximately $2,599,891. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.51% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Gabelli Funds LLC increased its position in shares of Devon Energy by 3.2% in the 3rd quarter. Gabelli Funds LLC now owns 483,500 shares of the energy company’s stock valued at $17,749,000 after buying an additional 15,000 shares in the last quarter. Ninepoint Partners LP bought a new stake in shares of Devon Energy in the 3rd quarter valued at $6,241,000. 3G Capital Partners LP bought a new stake in shares of Devon Energy in the 3rd quarter valued at $14,684,000. TVR Capital Management LP increased its position in shares of Devon Energy by 121.8% in the 2nd quarter. TVR Capital Management LP now owns 240,000 shares of the energy company’s stock valued at $7,673,000 after buying an additional 131,806 shares in the last quarter. Finally, BlueCrest Capital Management Ltd bought a new stake in shares of Devon Energy in the 2nd quarter valued at $1,397,000. Institutional investors and hedge funds own 77.49% of the company’s stock.
About Devon Energy
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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