Brokerages Set Devon Energy Co. (NYSE:DVN) Target Price at $56.00

Devon Energy Co. (NYSE:DVN) has received a consensus rating of “Moderate Buy” from the fifteen brokerages that are currently covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $55.38.

A number of analysts recently issued reports on the stock. Raymond James decreased their price objective on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Piper Sandler dropped their target price on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating for the company in a research report on Wednesday, January 24th. Mizuho lowered their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, January 11th. Morgan Stanley upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $48.00 to $52.00 in a report on Monday, December 11th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th.

Institutional Trading of Devon Energy

A number of hedge funds and other institutional investors have recently modified their holdings of DVN. HighPoint Advisor Group LLC bought a new position in Devon Energy in the 4th quarter worth about $330,000. Quadrature Capital Ltd purchased a new stake in shares of Devon Energy during the 4th quarter valued at about $5,602,000. Grayhawk Investment Strategies Inc. purchased a new stake in Devon Energy in the 4th quarter worth approximately $145,000. B. Riley Wealth Advisors Inc. increased its holdings in Devon Energy by 47.9% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 112,710 shares of the energy company’s stock worth $5,106,000 after acquiring an additional 36,495 shares in the last quarter. Finally, Ables Iannone Moore & Associates Inc. purchased a new stake in Devon Energy during the 4th quarter valued at approximately $89,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Down 0.5 %

Devon Energy stock opened at $48.80 on Wednesday. Devon Energy has a 1-year low of $40.47 and a 1-year high of $56.19. The firm has a market capitalization of $30.99 billion, a price-to-earnings ratio of 8.37 and a beta of 2.18. The firm’s fifty day moving average price is $44.10 and its two-hundred day moving average price is $45.41. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period last year, the firm earned $1.66 earnings per share. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, equities research analysts predict that Devon Energy will post 4.83 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Friday, March 15th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date of this dividend is Thursday, March 14th. Devon Energy’s dividend payout ratio is presently 15.09%.

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.