Devon Energy Corporation (NYSE:DVN) Receives Average Rating of “Moderate Buy” from Analysts

Devon Energy Corporation (NYSE:DVN) has been given a consensus recommendation of “Moderate Buy” by the thirty ratings firms that are covering the stock, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation, twenty-three have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $59.3019.

DVN has been the topic of a number of research reports. Wall Street Zen lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Saturday, September 5th. Capital One Financial reduced their target price on Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a report on Tuesday, June 2nd. Citigroup raised their target price on Devon Energy from $65.00 to $67.00 and gave the company a “buy” rating in a research report on Monday, August 31st. BMO Capital Markets restated an “outperform” rating on shares of Devon Energy in a research report on Wednesday, June 10th. Finally, Seaport Research Partners assumed coverage on Devon Energy in a research note on Thursday, September 3rd. They issued a “buy” rating and a $65.00 price target on the stock.

Devon Energy Stock Up 1.8%

NYSE:DVN opened at $49.88 on Friday. The firm has a market capitalization of $54.87 billion, a P/E ratio of 11.85, a PEG ratio of 1.34 and a beta of 0.37. Devon Energy has a 1-year low of $31.47 and a 1-year high of $52.71. The company’s fifty day moving average price is $45.41 and its 200-day moving average price is $45.92. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67.

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

Devon Energy Announces Dividend

The business 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 $0.32 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.6%. Devon Energy’s dividend payout ratio is 30.40%.

Institutional Trading of Devon Energy

Hedge funds and other institutional investors have recently made changes to their positions in the company. Core Capital Management & Research inc. acquired a new stake in shares of Devon Energy during the 2nd quarter worth about $5,527,000. The Manufacturers Life Insurance Company lifted its position in Devon Energy by 100.3% in the second quarter. The Manufacturers Life Insurance Company now owns 654,560 shares of the energy company’s stock valued at $27,046,000 after buying an additional 327,803 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in Devon Energy by 31.3% during the second quarter. Sequoia Financial Advisors LLC now owns 89,209 shares of the energy company’s stock worth $3,686,000 after buying an additional 21,285 shares during the period. MCF Advisors LLC boosted its stake in Devon Energy by 34.1% during the second quarter. MCF Advisors LLC now owns 7,720 shares of the energy company’s stock worth $319,000 after buying an additional 1,961 shares during the period. Finally, National Pension Service increased its position in shares of Devon Energy by 83.3% during the second quarter. National Pension Service now owns 2,123,951 shares of the energy company’s stock valued at $87,762,000 after acquiring an additional 965,060 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.