Devon Energy Co. (NYSE:DVN) Receives $44.83 Consensus Price Target from Analysts

Devon Energy Co. (NYSE:DVN - Get Free Report) has earned an average recommendation of "Moderate Buy" from the twenty-two analysts that are currently covering the firm, MarketBeat reports. Nine analysts have rated the stock with a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $44.83.

A number of analysts have recently issued reports on DVN shares. Truist Financial lifted their target price on Devon Energy from $42.00 to $44.00 and gave the stock a "hold" rating in a research report on Thursday, February 20th. Citigroup reduced their target price on Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a research note on Friday, April 4th. Benchmark reissued a "buy" rating and set a $44.00 price objective on shares of Devon Energy in a report on Thursday, February 20th. Sanford C. Bernstein raised Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 target price on the stock in a report on Wednesday, January 15th. Finally, Wells Fargo & Company lowered their price target on Devon Energy from $46.00 to $44.00 and set an "overweight" rating for the company in a report on Monday, April 14th.

Devon Energy Stock Down 0.3 %

NYSE:DVN traded down $0.10 during mid-day trading on Thursday, hitting $31.37. The company had a trading volume of 5,180,719 shares, compared to its average volume of 8,524,603. The business has a fifty day simple moving average of $33.56 and a 200-day simple moving average of $35.36. The firm has a market capitalization of $20.36 billion, a price-to-earnings ratio of 6.88, a PEG ratio of 1.20 and a beta of 1.50. Devon Energy has a 1 year low of $25.89 and a 1 year high of $53.20. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Equities analysts forecast that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.24 dividend. This is a positive change from Devon Energy's previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend was Friday, March 14th. Devon Energy's payout ratio is 21.05%.

Institutional Investors Weigh In On Devon Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Morse Asset Management Inc acquired a new stake in shares of Devon Energy during the 3rd quarter worth approximately $126,000. Virtu Financial LLC acquired a new position in shares of Devon Energy in the 3rd quarter valued at $7,468,000. Pine Valley Investments Ltd Liability Co bought a new position in shares of Devon Energy during the 3rd quarter worth about $209,000. World Investment Advisors LLC boosted its position in shares of Devon Energy by 3,440.3% during the 3rd quarter. World Investment Advisors LLC now owns 149,437 shares of the energy company's stock valued at $5,846,000 after acquiring an additional 145,216 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new stake in Devon Energy in the third quarter valued at about $1,576,000. 69.72% of the stock is owned by institutional investors and hedge funds.

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.