BMO Capital Markets Forecasts Strong Price Appreciation for Devon Energy (NYSE:DVN) Stock

Devon Energy (NYSE:DVN - Free Report) had its price objective increased by BMO Capital Markets from $48.00 to $51.00 in a report issued on Monday morning. They currently have an outperform rating on the energy company's stock.

Several other brokerages have also recently commented on DVN. Bank of America decreased their price objective on shares of Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Wall Street Zen upgraded shares of Devon Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 15th. Barclays increased their price target on Devon Energy from $38.00 to $40.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 7th. Raymond James Financial set a $40.00 price objective on Devon Energy in a research note on Monday, April 21st. Finally, Susquehanna dropped their target price on Devon Energy from $52.00 to $41.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Eleven research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $43.67.

Devon Energy Stock Performance

NYSE:DVN traded up $1.02 during trading hours on Monday, hitting $32.77. 6,666,032 shares of the company were exchanged, compared to its average volume of 8,894,304. 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 has a 52-week low of $25.89 and a 52-week high of $49.08. The stock has a market capitalization of $21.04 billion, a price-to-earnings ratio of 7.46, a PEG ratio of 2.37 and a beta of 1.02. The company's 50 day moving average price is $32.82 and its 200-day moving average price is $33.54.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations of $4.31 billion. Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. Devon Energy's quarterly revenue was up 23.8% compared to the same quarter last year. During the same period last year, the firm earned $1.16 earnings per share. As a group, research analysts forecast that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders 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 2.93%. Devon Energy's dividend payout ratio (DPR) is presently 21.87%.

Institutional Trading of Devon Energy

Several large investors have recently made changes to their positions in DVN. Proficio Capital Partners LLC acquired a new stake in Devon Energy during the 4th quarter worth $4,411,000. Commonwealth Equity Services LLC lifted its stake in shares of Devon Energy by 23.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 403,505 shares of the energy company's stock worth $13,207,000 after buying an additional 75,851 shares in the last quarter. Corient Private Wealth LLC lifted its stake in shares of Devon Energy by 1.4% in the fourth quarter. Corient Private Wealth LLC now owns 95,741 shares of the energy company's stock worth $3,134,000 after buying an additional 1,360 shares in the last quarter. Cibc World Markets Corp boosted its position in Devon Energy by 20.1% during the fourth quarter. Cibc World Markets Corp now owns 102,204 shares of the energy company's stock worth $3,345,000 after acquiring an additional 17,135 shares during the last quarter. Finally, Signaturefd LLC grew its stake in Devon Energy by 12.2% during the 4th quarter. Signaturefd LLC now owns 18,001 shares of the energy company's stock valued at $589,000 after acquiring an additional 1,958 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.