Devon Energy Corporation (NYSE:DVN) Receives $43.50 Consensus Target Price from Brokerages

Devon Energy Corporation (NYSE:DVN - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the twenty-three brokerages that are presently covering the firm, Marketbeat reports. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $43.50.

DVN has been the topic of a number of research reports. Piper Sandler dropped their target price on shares of Devon Energy from $56.00 to $53.00 and set an "overweight" rating on the stock in a report on Tuesday, May 13th. Mizuho dropped their target price on shares of Devon Energy from $46.00 to $43.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Morgan Stanley lifted their target price on shares of Devon Energy from $42.00 to $44.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. Scotiabank dropped their target price on shares of Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating on the stock in a research report on Friday, April 11th. Finally, Royal Bank Of Canada dropped their target price 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.

Institutional Trading of Devon Energy

A number of institutional investors have recently added to or reduced their stakes in DVN. Hurley Capital LLC acquired a new stake in Devon Energy in the fourth quarter valued at approximately $26,000. Financial Gravity Asset Management Inc. acquired a new stake in shares of Devon Energy in the first quarter worth $26,000. Banque Cantonale Vaudoise acquired a new stake in shares of Devon Energy in the first quarter worth $26,000. Accredited Wealth Management LLC acquired a new stake in shares of Devon Energy in the fourth quarter worth $28,000. Finally, Rakuten Securities Inc. lifted its stake in shares of Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after buying an additional 405 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of DVN stock traded up $2.22 during midday trading on Tuesday, reaching $34.90. 16,155,987 shares of the company were exchanged, compared to its average volume of 8,882,661. Devon Energy has a 12 month low of $25.89 and a 12 month high of $49.35. The company has a market cap of $22.41 billion, a P/E ratio of 7.95, a PEG ratio of 2.49 and a beta of 1.02. The company's 50 day moving average price is $32.43 and its two-hundred day moving average price is $33.45. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08.

Devon Energy (NYSE:DVN - Get Free Report) last released 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 return on equity of 21.90% and a net margin of 16.60%. The business had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.31 billion. During the same quarter in the previous year, the firm earned $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, sell-side analysts expect that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date was Friday, June 13th. 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.