Brokerages Set Devon Energy Co. (NYSE:DVN) Price Target at $51.85

Shares of Devon Energy Co. (NYSE:DVN) have been assigned an average rating of “Moderate Buy” from the twenty-two brokerages that are currently covering the firm, MarketBeat reports. Ten equities research analysts have rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $51.15.

A number of research firms recently issued reports on DVN. Scotiabank reduced their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Citigroup reduced their price objective on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday. Mizuho reduced their price objective on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. BMO Capital Markets reduced their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Finally, Benchmark restated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th.

Institutional Investors Weigh In On Devon Energy

Several institutional investors have recently made changes to their positions in DVN. Triad Wealth Partners LLC bought a new stake in Devon Energy during the second quarter worth $27,000. 1620 Investment Advisors Inc. bought a new stake in Devon Energy during the second quarter worth $34,000. PSI Advisors LLC lifted its stake in Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after purchasing an additional 300 shares during the last quarter. LRI Investments LLC bought a new stake in Devon Energy during the first quarter worth $39,000. Finally, Capital Performance Advisors LLP bought a new stake in Devon Energy during the third quarter worth $35,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

Shares of NYSE DVN opened at $37.83 on Monday. Devon Energy has a fifty-two week low of $37.28 and a fifty-two week high of $55.09. The business has a 50 day moving average price of $39.85 and a two-hundred day moving average price of $43.73. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The firm has a market cap of $24.85 billion, a PE ratio of 7.05, a price-to-earnings-growth ratio of 1.21 and a beta of 2.03.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business’s revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.65 EPS. Sell-side analysts expect that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

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.