Devon Energy (NYSE:DVN) Given New $42.00 Price Target at The Goldman Sachs Group

Devon Energy (NYSE:DVN) had its price target lifted by The Goldman Sachs Group from $40.00 to $42.00 in a research note issued to investors on Thursday,MarketScreener reports. The brokerage currently has a buy rating on the energy company’s stock.

Several other brokerages also recently issued reports on DVN. Roth Capital began coverage on Devon Energy in a report on Monday, October 13th. They set a “buy” rating and a $42.00 price target for the company. Royal Bank Of Canada set a $42.00 price objective on shares of Devon Energy and gave the stock a “sector perform” rating in a report on Friday, October 10th. Morgan Stanley dropped their price target on shares of Devon Energy from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 14th. Weiss Ratings cut shares of Devon Energy from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, November 7th. Finally, Barclays decreased their price objective on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.86.

Devon Energy Stock Up 2.2%

DVN stock traded up $0.76 during midday trading on Thursday, reaching $35.80. 8,363,339 shares of the company’s stock traded hands, compared to its average volume of 8,578,627. The company has a market cap of $22.45 billion, a price-to-earnings ratio of 8.03, a P/E/G ratio of 2.49 and a beta of 1.01. The firm’s fifty day moving average price is $33.90 and its 200-day moving average price is $33.34. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. Devon Energy has a 52 week low of $25.89 and a 52 week high of $39.74.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.11. The business had revenue of $0.00 million for the quarter, compared to analysts’ expectations of $4.10 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. During the same quarter last year, the firm earned $1.10 EPS. As a group, sell-side analysts forecast that Devon Energy will post 4.85 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 Tuesday, December 30th. Stockholders of record on Monday, December 15th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.7%. Devon Energy’s dividend payout ratio is presently 22.59%.

Institutional Trading of Devon Energy

Hedge funds have recently added to or reduced their stakes in the business. Aprio Wealth Management LLC increased its stake in Devon Energy by 4.1% in the 3rd quarter. Aprio Wealth Management LLC now owns 7,521 shares of the energy company’s stock worth $264,000 after purchasing an additional 297 shares during the period. Accredited Wealth Management LLC increased its stake in shares of Devon Energy by 61.6% in the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after buying an additional 308 shares during the period. OneDigital Investment Advisors LLC raised its holdings in Devon Energy by 2.6% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 12,620 shares of the energy company’s stock valued at $442,000 after buying an additional 318 shares during the last quarter. SVB Wealth LLC boosted its position in Devon Energy by 4.1% during the 1st quarter. SVB Wealth LLC now owns 8,131 shares of the energy company’s stock valued at $304,000 after buying an additional 321 shares during the period. Finally, Yousif Capital Management LLC grew its holdings in Devon Energy by 0.4% in the 2nd quarter. Yousif Capital Management LLC now owns 87,272 shares of the energy company’s stock worth $2,776,000 after acquiring an additional 321 shares during the last quarter. 69.72% of the stock is 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.