Devon Energy Corporation (NYSE:DVN) Receives $43.50 Average PT from Brokerages

Shares of Devon Energy Corporation (NYSE:DVN - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the twenty-three analysts that are covering the stock, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $43.79.

A number of equities analysts recently issued reports on the company. Mizuho decreased their price objective on Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Wells Fargo & Company cut their price objective on shares of Devon Energy from $46.00 to $41.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Morgan Stanley increased their target price on shares of Devon Energy from $42.00 to $44.00 and gave the company an "overweight" rating in a research report on Friday, May 23rd. Royal Bank Of Canada dropped their price target on shares of Devon Energy from $49.00 to $40.00 and set a "sector perform" rating on the stock in a research report on Monday, April 14th. Finally, Susquehanna reduced their price target on shares of Devon Energy from $52.00 to $41.00 and set a "positive" rating for the company in a research note on Tuesday, April 22nd.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently bought and sold shares of the business. SVB Wealth LLC boosted its holdings in shares of Devon Energy by 4.1% during the first quarter. SVB Wealth LLC now owns 8,131 shares of the energy company's stock worth $304,000 after purchasing an additional 321 shares during the period. Covestor Ltd boosted its stake in shares of Devon Energy by 15.9% during the 4th quarter. Covestor Ltd now owns 2,521 shares of the energy company's stock valued at $83,000 after buying an additional 345 shares during the period. Horizon Investments LLC raised its holdings in shares of Devon Energy by 4.1% during the fourth quarter. Horizon Investments LLC now owns 8,843 shares of the energy company's stock worth $289,000 after acquiring an additional 347 shares in the last quarter. Tocqueville Asset Management L.P. raised its holdings in shares of Devon Energy by 3.0% during the fourth quarter. Tocqueville Asset Management L.P. now owns 12,242 shares of the energy company's stock worth $401,000 after acquiring an additional 359 shares in the last quarter. Finally, Whittier Trust Co. boosted its position in Devon Energy by 24.3% during the first quarter. Whittier Trust Co. now owns 1,927 shares of the energy company's stock valued at $72,000 after purchasing an additional 377 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Shares of DVN stock traded up $0.04 on Tuesday, hitting $33.99. 5,716,112 shares of the stock traded hands, compared to its average volume of 8,866,768. The company's fifty day moving average is $32.64 and its 200 day moving average is $33.49. Devon Energy has a 1-year low of $25.89 and a 1-year high of $49.35. The company has a market capitalization of $21.82 billion, a PE ratio of 7.74, a PEG ratio of 2.59 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.99.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). The company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. During the same quarter in the previous year, the company posted $1.16 earnings per share. The firm's revenue for the quarter was up 23.8% compared to the same quarter last year. On average, equities research analysts predict that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a $0.24 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.82%. Devon Energy's dividend payout ratio (DPR) is presently 21.87%.

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.