Devon Energy (NYSE:DVN) Stock Price Expected to Rise, Barclays Analyst Says

Devon Energy (NYSE:DVN) had its price target raised by Barclays from $43.00 to $44.00 in a research report report published on Thursday,Benzinga reports. The firm currently has an equal weight rating on the energy company’s stock.

A number of other analysts have also weighed in on the stock. TD Cowen dropped their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Benchmark upgraded Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a report on Tuesday, January 14th. Citigroup cut their price objective on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a report on Wednesday, January 15th. Finally, JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target on the stock. in a report on Thursday, December 5th. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.83.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $38.60 on Thursday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy has a one year low of $30.39 and a one year high of $55.09. The business’s 50 day simple moving average is $34.40 and its two-hundred day simple moving average is $38.40. The stock has a market capitalization of $25.35 billion, a P/E ratio of 8.46, a price-to-earnings-growth ratio of 1.09 and a beta of 1.98.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 23.17%. Analysts forecast that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.24 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a yield of 2.49%. Devon Energy’s payout ratio is presently 19.30%.

Institutional Investors Weigh In On Devon Energy

Hedge funds have recently added to or reduced their stakes in the stock. Hurley Capital LLC bought a new position in Devon Energy in the 4th quarter worth about $26,000. Accredited Wealth Management LLC purchased a new position in Devon Energy in the fourth quarter worth about $28,000. Capital Performance Advisors LLP bought a new position in shares of Devon Energy in the third quarter worth approximately $35,000. True Wealth Design LLC grew its holdings in shares of Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after buying an additional 1,089 shares during the last quarter. Finally, Cromwell Holdings LLC grew its holdings in shares of Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after buying an additional 598 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

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.