Devon Energy (NYSE:DVN) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Devon Energy (NYSE:DVN) from a hold rating to a buy rating in a report released on Thursday morning.

A number of other brokerages have also recently commented on DVN. Citigroup boosted their target price on shares of Devon Energy from $55.00 to $62.00 and gave the company a buy rating in a report on Thursday, April 11th. UBS Group boosted their target price on shares of Devon Energy from $48.00 to $57.00 and gave the company a neutral rating in a report on Wednesday, April 10th. Royal Bank of Canada restated a sector perform rating and set a $57.00 target price on shares of Devon Energy in a report on Tuesday, July 9th. Scotiabank dropped their target price on shares of Devon Energy from $67.00 to $60.00 and set a sector outperform rating on the stock in a report on Friday, July 12th. Finally, Truist Financial dropped their target price on shares of Devon Energy from $67.00 to $64.00 and set a buy rating on the stock in a report on Tuesday, July 9th. Five equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Devon Energy has a consensus rating of Moderate Buy and a consensus price target of $59.13.

Devon Energy Trading Down 0.4 %

Devon Energy stock traded down $0.20 during mid-day trading on Thursday, reaching $44.91. 6,232,650 shares of the company traded hands, compared to its average volume of 7,289,958. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The firm’s 50 day moving average price is $46.43 and its 200 day moving average price is $47.22. The firm has a market capitalization of $28.38 billion, a price-to-earnings ratio of 8.57, a P/E/G ratio of 0.75 and a beta of 2.07. Devon Energy has a 52-week low of $40.47 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.18 EPS. On average, analysts anticipate that Devon Energy will post 5.4 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio is currently 16.79%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Salem Investment Counselors Inc. increased its position in shares of Devon Energy by 31.4% during the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after purchasing an additional 199 shares during the last quarter. Retirement Group LLC increased its position in shares of Devon Energy by 21.8% during the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after purchasing an additional 199 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in shares of Devon Energy by 7.4% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after purchasing an additional 209 shares during the last quarter. MCF Advisors LLC increased its position in shares of Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after purchasing an additional 215 shares during the last quarter. Finally, Annex Advisory Services LLC increased its holdings in Devon Energy by 0.8% in the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after acquiring an additional 223 shares in the last quarter. Hedge funds and other 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.