KLR Group upgraded shares of Devon Energy (NYSE:DVN) from a hold rating to a buy rating in a research note published on Friday morning, Marketbeat Ratings reports. KLR Group currently has $49.00 price target on the energy company’s stock.
Several other brokerages have also issued reports on DVN. Credit Suisse Group set a $50.00 price objective on Devon Energy and gave the stock a buy rating in a report on Tuesday, January 23rd. They noted that the move was a valuation call. Morgan Stanley raised their price target on Devon Energy from $48.00 to $54.00 and gave the stock an overweight rating in a report on Wednesday, January 24th. Stifel Nicolaus set a $68.00 price target on Devon Energy and gave the stock a buy rating in a report on Tuesday, January 30th. Piper Jaffray Companies reissued a hold rating and set a $42.00 price target on shares of Devon Energy in a report on Tuesday, January 9th. Finally, Cowen set a $51.00 price target on Devon Energy and gave the stock a buy rating in a report on Thursday, January 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Devon Energy has a consensus rating of Buy and a consensus price target of $47.33.
Devon Energy (DVN) opened at $31.61 on Friday. The stock has a market capitalization of $16,535.32, a PE ratio of 19.77, a price-to-earnings-growth ratio of 1.54 and a beta of 2.10. Devon Energy has a twelve month low of $28.79 and a twelve month high of $45.16. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.73.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be given a $0.06 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $0.24 dividend on an annualized basis and a yield of 0.76%. Devon Energy’s payout ratio is currently 9.06%.
In related news, EVP Lyndon C. Taylor sold 12,798 shares of the firm’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $38.29, for a total value of $490,035.42. Following the completion of the sale, the executive vice president now owns 67,900 shares in the company, valued at $2,599,891. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.51% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in DVN. Taylor Hoffman Wealth Management acquired a new stake in Devon Energy in the fourth quarter valued at about $102,000. NuWave Investment Management LLC acquired a new stake in Devon Energy in the fourth quarter valued at about $111,000. FNY Managed Accounts LLC acquired a new stake in Devon Energy in the third quarter valued at about $134,000. Advisory Services Network LLC lifted its position in Devon Energy by 127.8% in the fourth quarter. Advisory Services Network LLC now owns 3,445 shares of the energy company’s stock valued at $143,000 after purchasing an additional 1,933 shares during the period. Finally, Icon Wealth Partners LLC acquired a new stake in Devon Energy in the fourth quarter valued at about $144,000. Hedge funds and other institutional investors own 76.94% of the company’s stock.
About Devon Energy
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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