Analysts Set Devon Energy Co. (NYSE:DVN) Price Target at $57.83

Shares of Devon Energy Co. (NYSE:DVN - Get Free Report) have received an average rating of "Moderate Buy" from the seventeen analysts that are currently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a hold recommendation and thirteen have given a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $57.83.

DVN has been the topic of several research analyst reports. Morgan Stanley raised their target price on Devon Energy from $48.00 to $49.00 and gave the stock an "overweight" rating in a research report on Thursday, March 28th. Royal Bank of Canada restated a "sector perform" rating and set a $55.00 price target on shares of Devon Energy in a research note on Thursday, March 7th. Scotiabank raised their price target on Devon Energy from $53.00 to $67.00 and gave the stock a "sector outperform" rating in a research note on Thursday. Citigroup raised their price target on Devon Energy from $55.00 to $62.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Barclays started coverage on Devon Energy in a research note on Wednesday. They set an "equal weight" rating and a $59.00 price target on the stock.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Annex Advisory Services LLC increased its stake in Devon Energy by 3.7% during the first quarter. Annex Advisory Services LLC now owns 27,428 shares of the energy company's stock worth $1,376,000 after acquiring an additional 979 shares during the last quarter. Gateway Investment Advisers LLC grew its stake in shares of Devon Energy by 41.8% in the first quarter. Gateway Investment Advisers LLC now owns 28,474 shares of the energy company's stock valued at $1,429,000 after buying an additional 8,396 shares in the last quarter. Nepsis Inc. grew its stake in shares of Devon Energy by 1.7% in the first quarter. Nepsis Inc. now owns 420,914 shares of the energy company's stock valued at $21,121,000 after buying an additional 7,104 shares in the last quarter. Doliver Advisors LP grew its stake in shares of Devon Energy by 8.6% in the first quarter. Doliver Advisors LP now owns 11,835 shares of the energy company's stock valued at $594,000 after buying an additional 935 shares in the last quarter. Finally, Global Assets Advisory LLC acquired a new stake in shares of Devon Energy in the first quarter valued at about $10,895,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Stock Down 0.9 %

Shares of NYSE DVN traded down $0.48 during midday trading on Friday, hitting $53.42. 9,808,666 shares of the company's stock were exchanged, compared to its average volume of 7,282,425. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. Devon Energy has a twelve month low of $40.47 and a twelve month high of $56.19. The company has a market cap of $33.92 billion, a PE ratio of 9.16 and a beta of 2.19. The firm's fifty day simple moving average is $46.84 and its 200-day simple moving average is $45.72.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter last year, the company earned $1.66 EPS. The business's quarterly revenue was down 3.6% on a year-over-year basis. Research analysts predict that Devon Energy will post 5.02 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy's dividend payout ratio is currently 15.09%.

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.