Devon Energy (NYSE:DVN) Given Sector Perform Rating at Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of Devon Energy (NYSE:DVN) in a research note published on Friday morning,Benzinga reports. Royal Bank of Canada currently has a $50.00 target price on the energy company’s stock.

A number of other analysts also recently weighed in on the company. Morgan Stanley decreased their price target on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Jefferies Financial Group started coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price for the company. Wells Fargo & Company dropped their target price on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. UBS Group decreased their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Finally, Piper Sandler lowered their target price on Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Eleven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $49.48.

Devon Energy Trading Up 2.7 %

Shares of NYSE:DVN opened at $36.10 on Friday. 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 1 year low of $30.39 and a 1 year high of $55.09. The company has a market capitalization of $23.71 billion, a P/E ratio of 6.70, a P/E/G ratio of 1.07 and a beta of 1.99. The business’s 50 day simple moving average is $35.67 and its 200 day simple moving average is $40.73.

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

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Institutional Trading of Devon Energy

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sugarloaf Wealth Management LLC increased its position in shares of Devon Energy by 159.0% during the fourth quarter. Sugarloaf Wealth Management LLC now owns 15,717 shares of the energy company’s stock worth $514,000 after purchasing an additional 9,648 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Devon Energy by 90.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company’s stock worth $89,170,000 after buying an additional 1,296,590 shares during the last quarter. Hudson Valley Investment Advisors Inc. ADV increased its holdings in shares of Devon Energy by 20.8% during the fourth quarter. Hudson Valley Investment Advisors Inc. ADV now owns 6,600 shares of the energy company’s stock valued at $216,000 after acquiring an additional 1,137 shares in the last quarter. Fortem Financial Group LLC increased its stake in Devon Energy by 17.9% during the 4th quarter. Fortem Financial Group LLC now owns 17,576 shares of the energy company’s stock valued at $575,000 after purchasing an additional 2,672 shares in the last quarter. Finally, Bard Financial Services Inc. grew its holdings in shares of Devon Energy by 86.9% during the fourth quarter. Bard Financial Services Inc. now owns 20,650 shares of the energy company’s stock valued at $676,000 after buying an additional 9,600 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

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.