Devon Energy Co. (NYSE:DVN) Receives Average Rating of “Moderate Buy” from Brokerages

Devon Energy Co. (NYSE:DVN) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-two ratings firms that are currently covering the firm, MarketBeat reports. Eleven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $50.05.

Several research analysts have issued reports on DVN shares. Piper Sandler dropped their target price on Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Scotiabank dropped their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Wednesday. Truist Financial downgraded Devon Energy from a “buy” rating to a “hold” rating and decreased their target price for the stock from $49.00 to $43.00 in a research report on Thursday, November 7th. Finally, Mizuho cut their price target on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday, December 16th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Devon Energy by 5.9% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 6,018 shares of the energy company’s stock valued at $285,000 after purchasing an additional 335 shares during the last quarter. Fifth Third Bancorp raised its stake in Devon Energy by 1.4% in the second quarter. Fifth Third Bancorp now owns 22,255 shares of the energy company’s stock valued at $1,055,000 after buying an additional 299 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new stake in Devon Energy in the second quarter worth about $34,000. Premier Path Wealth Partners LLC grew its stake in shares of Devon Energy by 14.0% during the second quarter. Premier Path Wealth Partners LLC now owns 4,546 shares of the energy company’s stock worth $215,000 after acquiring an additional 560 shares during the last quarter. Finally, Traynor Capital Management Inc. increased its holdings in shares of Devon Energy by 10.8% during the second quarter. Traynor Capital Management Inc. now owns 5,095 shares of the energy company’s stock valued at $242,000 after acquiring an additional 495 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

NYSE:DVN opened at $31.11 on Friday. The firm has a market capitalization of $20.44 billion, a PE ratio of 5.77, a PEG ratio of 1.10 and a beta of 1.99. The stock’s fifty day moving average is $36.83 and its 200 day moving average is $41.61. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the firm posted $1.65 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, sell-side analysts anticipate that Devon Energy will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

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.