Analysts Set Devon Energy Co. (NYSE:DVN) PT at $57.83

Shares of Devon Energy Co. (NYSE:DVN) have been given an average rating of “Moderate Buy” by the seventeen research firms that are covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and thirteen have issued a buy recommendation on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $57.94.

DVN has been the subject of a number of recent analyst reports. Scotiabank increased their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Morgan Stanley increased their target price on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. UBS Group increased their target price on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Finally, JPMorgan Chase & Co. increased their target price on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, April 8th.

Hedge Funds Weigh In On Devon Energy

A number of large investors have recently modified their holdings of the company. Geode Capital Management LLC lifted its holdings in shares of Devon Energy by 6.2% in the 1st quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock worth $715,360,000 after purchasing an additional 823,626 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Devon Energy by 0.8% in the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after purchasing an additional 68,339 shares in the last quarter. Raymond James & Associates lifted its stake in Devon Energy by 5.0% during the 3rd quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock valued at $402,095,000 after acquiring an additional 402,055 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Devon Energy by 1.4% during the 1st quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock valued at $435,881,000 after acquiring an additional 99,059 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Up 0.8 %

Shares of NYSE DVN opened at $51.83 on Friday. The company has a 50 day simple moving average of $47.89 and a 200 day simple moving average of $45.90. The firm has a market cap of $32.91 billion, a PE ratio of 8.89 and a beta of 2.19. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the business earned $1.66 EPS. On average, research analysts forecast that Devon Energy will post 5.14 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio is currently 15.09%.

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.