Devon Energy (NYSE:DVN) Research Coverage Started at Stifel Nicolaus

Stifel Nicolaus assumed coverage on shares of Devon Energy (NYSE:DVN) in a report released on Thursday, MarketBeat reports. The brokerage issued a buy rating and a $61.00 price objective on the energy company’s stock.

A number of other analysts also recently weighed in on DVN. Wall Street Zen downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Saturday, September 5th. Zacks Research lowered shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Jefferies Financial Group upped their price objective on shares of Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Monday, May 18th. Truist Financial lifted their target price on Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Wolfe Research set a $67.00 price target on Devon Energy and gave the company an “outperform” rating in a research note on Monday, June 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $59.30.

Devon Energy Stock Performance

DVN opened at $50.19 on Thursday. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The stock’s 50 day moving average price is $45.61 and its two-hundred day moving average price is $45.95. The firm has a market capitalization of $55.21 billion, a P/E ratio of 11.92, a price-to-earnings-growth ratio of 1.37 and a beta of 0.37. Devon Energy has a 12-month low of $31.47 and a 12-month high of $52.71.

Devon Energy (NYSE:DVN) last issued 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 company had revenue of $7.42 billion during 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%.The company’s quarterly revenue was up 73.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.84 earnings per share. On average, equities analysts forecast that Devon Energy will post 5.24 earnings per share for the current year.

Devon Energy Announces Dividend

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

Institutional Trading of Devon Energy

Institutional investors have recently made changes to their positions in the business. BlackRock Inc. raised its position in Devon Energy by 57.6% in the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after purchasing an additional 34,871,366 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Devon Energy by 7,555.6% during the second quarter. California State Teachers Retirement System now owns 52,787,085 shares of the energy company’s stock valued at $2,181,162,000 after purchasing an additional 52,097,561 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Devon Energy by 418.3% in the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock valued at $2,128,905,000 after purchasing an additional 41,581,435 shares during the period. State Street Corp grew its stake in shares of Devon Energy by 0.6% in the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock valued at $1,301,914,000 after purchasing an additional 212,074 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Devon Energy by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after buying an additional 186,743 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

About Devon Energy

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon’s operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.