Brokerages Set Devon Energy Corporation (NYSE:DVN) PT at $48.85

Shares of Devon Energy Corporation (NYSE:DVN) have been assigned a consensus recommendation of “Moderate Buy” from the thirty analysts that are presently covering the company, Marketbeat.com reports. Seven research analysts have rated the stock with a hold recommendation and twenty-three have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $49.3704.

DVN has been the topic of several research reports. Weiss Ratings upgraded shares of Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, January 28th. Siebert Williams Shank raised their price objective on shares of Devon Energy from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Argus boosted their target price on shares of Devon Energy from $41.00 to $51.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Scotiabank reduced their target price on shares of Devon Energy from $45.00 to $41.00 and set a “sector perform” rating on the stock in a research report on Monday, February 23rd. Finally, BMO Capital Markets increased their price target on shares of Devon Energy from $45.00 to $55.00 and gave the company an “outperform” rating in a research note on Tuesday, March 3rd.

Devon Energy Trading Down 0.0%

Shares of DVN opened at $48.79 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98. The company has a market cap of $30.25 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 1.29 and a beta of 0.56. The stock has a fifty day moving average price of $42.50 and a two-hundred day moving average price of $37.66. Devon Energy has a 52-week low of $25.89 and a 52-week high of $49.83.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.81 by $0.01. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The company had revenue of $17.19 billion for the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter in the prior year, the business earned $1.10 earnings per share. The business’s revenue for the quarter was down 6.4% on a year-over-year basis. Analysts predict that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.96 annualized dividend and a yield of 2.0%. Devon Energy’s dividend payout ratio is currently 23.02%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently made changes to their positions in DVN. Caldwell Trust Co bought a new position in Devon Energy in the second quarter valued at about $25,000. PFS Partners LLC bought a new stake in Devon Energy during the 3rd quarter worth about $25,000. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy during the 4th quarter worth about $25,000. First Horizon Corp acquired a new position in Devon Energy during the 3rd quarter valued at about $26,000. Finally, Accredited Wealth Management LLC lifted its position in Devon Energy by 61.6% during the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after purchasing an additional 308 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

About Devon Energy

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.