Devon Energy Corporation (NYSE:DVN) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Devon Energy Corporation (NYSE:DVN) have received an average recommendation of “Moderate Buy” from the thirty ratings firms that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation, twenty-two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $47.2308.

A number of analysts recently commented on DVN shares. UBS Group set a $50.00 price target on Devon Energy in a research report on Wednesday, February 4th. Wells Fargo & Company raised their target price on Devon Energy from $43.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, February 20th. Piper Sandler lowered their target price on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 18th. Sanford C. Bernstein reduced their price target on shares of Devon Energy from $48.00 to $42.00 and set an “outperform” rating for the company in a research report on Monday, January 5th. Finally, Zacks Research downgraded shares of Devon Energy from a “hold” rating to a “strong sell” rating in a report on Monday, January 26th.

Devon Energy Stock Down 1.0%

DVN opened at $43.25 on Wednesday. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $46.15. The firm has a market capitalization of $26.81 billion, a P/E ratio of 10.37, a PEG ratio of 4.04 and a beta of 0.61. The company’s 50-day moving average is $39.23 and its 200 day moving average is $36.32. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.90.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The firm had revenue of $17.19 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same quarter last year, the business posted $1.10 EPS. The company’s revenue for the quarter was down 6.4% on a year-over-year basis. Research analysts expect 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, March 31st. Stockholders of record on Friday, March 13th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, March 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. Devon Energy’s dividend payout ratio (DPR) is presently 23.02%.

Hedge Funds Weigh In On Devon Energy

Several institutional investors and hedge funds have recently bought and sold shares of the company. TD Private Client Wealth LLC raised 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 valued at $262,000 after buying an additional 236 shares during the period. Catalyst Financial Partners LLC increased its holdings in Devon Energy by 3.9% in the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock worth $246,000 after acquiring an additional 254 shares during the last quarter. Cary Street Partners Investment Advisory LLC lifted its holdings in Devon Energy by 21.0% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock valued at $54,000 after purchasing an additional 257 shares during the last quarter. Zions Bancorporation National Association UT boosted its position in Devon Energy by 7.9% during the fourth quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company’s stock worth $129,000 after purchasing an additional 258 shares during the period. Finally, Michels Family Financial LLC boosted its position in Devon Energy by 2.5% during the fourth quarter. Michels Family Financial LLC now owns 11,098 shares of the energy company’s stock worth $407,000 after purchasing an additional 270 shares during the period. 69.72% of the stock is owned by institutional investors.

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.