Brokerages Set Devon Energy Corporation (NYSE:DVN) Price Target at $59.23

Shares of Devon Energy Corporation (NYSE:DVN) have been given an average recommendation of “Moderate Buy” by the twenty-nine ratings firms that are currently covering the company, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and two have issued a strong buy rating on the company. The average 1 year target price among analysts that have covered the stock in the last year is $59.2340.

Several analysts recently weighed in on DVN shares. Barclays dropped their target price on shares of Devon Energy from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Monday, August 17th. Wolfe Research set a $67.00 price target on Devon Energy and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Seaport Research Partners began coverage on Devon Energy in a research note on Thursday, September 3rd. They issued a “buy” rating and a $65.00 price objective for the company. Jefferies Financial Group boosted their price objective on Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a report on Monday, May 18th. Finally, Argus reissued a “buy” rating and set a $45.85 target price on shares of Devon Energy in a research note on Monday, August 17th.

Devon Energy Trading Up 0.8%

Shares of DVN stock opened at $48.44 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The firm has a market cap of $53.29 billion, a PE ratio of 11.51, a price-to-earnings-growth ratio of 1.31 and a beta of 0.37. The company has a 50-day moving average of $45.05 and a two-hundred day moving average of $45.85. Devon Energy has a 1-year low of $31.47 and a 1-year high of $52.71.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. During the same period in the previous year, the firm earned $0.84 EPS. The business’s revenue was up 73.1% on a year-over-year basis. On average, analysts predict that Devon Energy will post 5.24 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio is currently 30.40%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Tobam lifted its holdings in Devon Energy by 16.4% during the 4th quarter. Tobam now owns 1,633 shares of the energy company’s stock worth $60,000 after buying an additional 230 shares in the last quarter. Sigma Planning Corp grew its stake in shares of Devon Energy by 3.5% in the second quarter. Sigma Planning Corp now owns 6,902 shares of the energy company’s stock worth $285,000 after acquiring an additional 233 shares in the last quarter. TD Private Client Wealth LLC grew its stake in shares of Devon Energy by 3.4% in the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock worth $262,000 after acquiring an additional 236 shares in the last quarter. Retirement Planning Group LLC increased its position in shares of Devon Energy by 4.5% during the second quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company’s stock worth $233,000 after acquiring an additional 243 shares during the period. Finally, JFS Wealth Advisors LLC increased its position in shares of Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after acquiring an additional 245 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.