Devon Energy Co. (NYSE:DVN) Receives Average Rating of "Moderate Buy" from Analysts

Shares of Devon Energy Co. (NYSE:DVN - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the twenty-three research firms that are covering the firm, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $43.71.

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company lifted their price target on shares of Devon Energy from $44.00 to $46.00 and gave the stock an "overweight" rating in a report on Wednesday, May 14th. Wall Street Zen raised shares of Devon Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Royal Bank of Canada cut their price target on Devon Energy from $49.00 to $40.00 and set a "sector perform" rating for the company in a report on Monday, April 14th. Piper Sandler decreased their price objective on Devon Energy from $56.00 to $53.00 and set an "overweight" rating on the stock in a report on Tuesday, May 13th. Finally, JPMorgan Chase & Co. lowered their price objective on Devon Energy from $48.00 to $42.00 and set a "neutral" rating for the company in a research report on Thursday, March 13th.

Devon Energy Price Performance

Shares of DVN traded up $0.76 during mid-day trading on Friday, reaching $35.09. 12,695,009 shares of the company's stock were exchanged, compared to its average volume of 8,716,845. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy has a 52-week low of $25.89 and a 52-week high of $49.35. The company has a market cap of $22.53 billion, a price-to-earnings ratio of 7.70, a PEG ratio of 1.20 and a beta of 1.02. The company has a 50-day simple moving average of $31.22 and a two-hundred day simple moving average of $33.67.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same quarter last year, the company posted $1.16 EPS. Devon Energy's quarterly revenue was up 23.8% compared to the same quarter last year. On average, sell-side analysts predict that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date is Friday, June 13th. Devon Energy's dividend payout ratio is presently 21.87%.

Hedge Funds Weigh In On Devon Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Banque Cantonale Vaudoise purchased a new position in Devon Energy in the first quarter valued at about $26,000. Financial Gravity Asset Management Inc. acquired a new stake in shares of Devon Energy in the first quarter valued at about $26,000. Hurley Capital LLC acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $26,000. Rakuten Securities Inc. raised its holdings in shares of Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after buying an additional 405 shares during the period. Finally, Accredited Wealth Management LLC acquired a new position in Devon Energy during the 4th quarter worth approximately $28,000. Institutional investors and hedge funds own 69.72% of the company's stock.

About Devon Energy

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.