Jefferies Financial Group Forecasts Strong Price Appreciation for Devon Energy (NYSE:DVN) Stock

Devon Energy (NYSE:DVN - Free Report) had its price objective increased by Jefferies Financial Group from $31.00 to $33.00 in a research note issued to investors on Monday morning. They currently have a hold rating on the energy company's stock.

A number of other research firms also recently issued reports on DVN. Morgan Stanley reaffirmed an "overweight" rating and issued a $46.00 price objective (up previously from $44.00) on shares of Devon Energy in a research note on Tuesday. Royal Bank Of Canada lowered their price objective on shares of Devon Energy from $49.00 to $40.00 and set a "sector perform" rating for the company in a research report on Monday, April 14th. Raymond James Financial set a $40.00 target price on shares of Devon Energy in a report on Monday, April 21st. Citigroup lowered their price target on shares of Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a report on Friday, April 4th. Finally, Wall Street Zen raised Devon Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Eleven equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $43.67.

Devon Energy Stock Performance

NYSE DVN traded up $1.02 on Monday, reaching $32.77. 6,666,032 shares of the stock were exchanged, compared to its average volume of 8,894,304. The company's 50-day simple moving average is $32.82 and its two-hundred day simple moving average is $33.54. The firm has a market capitalization of $21.04 billion, a PE ratio of 7.46, a PEG ratio of 2.37 and a beta of 1.02. Devon Energy has a one year low of $25.89 and a one year high of $49.08. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. During the same period last year, the company earned $1.16 EPS. The firm's revenue for the quarter was up 23.8% on a year-over-year basis. Analysts expect that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend was Friday, June 13th. Devon Energy's dividend payout ratio is 21.87%.

Hedge Funds Weigh In On Devon Energy

Hedge funds and other institutional investors have recently made changes to their positions in the company. Proficio Capital Partners LLC purchased a new stake in shares of Devon Energy in the 4th quarter worth approximately $4,411,000. Commonwealth Equity Services LLC boosted its position in Devon Energy by 23.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 403,505 shares of the energy company's stock valued at $13,207,000 after acquiring an additional 75,851 shares in the last quarter. Corient Private Wealth LLC increased its holdings in shares of Devon Energy by 1.4% in the 4th quarter. Corient Private Wealth LLC now owns 95,741 shares of the energy company's stock valued at $3,134,000 after acquiring an additional 1,360 shares during the period. Cibc World Markets Corp lifted its stake in shares of Devon Energy by 20.1% during the 4th quarter. Cibc World Markets Corp now owns 102,204 shares of the energy company's stock worth $3,345,000 after purchasing an additional 17,135 shares during the last quarter. Finally, Signaturefd LLC boosted its position in Devon Energy by 12.2% during the fourth quarter. Signaturefd LLC now owns 18,001 shares of the energy company's stock valued at $589,000 after purchasing an additional 1,958 shares in the last quarter. Institutional investors 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.