A number of other research firms also recently commented on DVN. Stifel Nicolaus set a $68.00 price objective on Devon Energy and gave the stock a buy rating in a report on Tuesday, January 30th. 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. Cowen set a $51.00 price objective on Devon Energy and gave the stock a buy rating in a report on Thursday, January 18th. Piper Jaffray Companies restated a hold rating and issued a $42.00 price objective on shares of Devon Energy in a report on Tuesday, January 9th. Finally, KLR Group upgraded Devon Energy from a hold rating to a buy rating and set a $49.00 price target on the stock in a report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. Devon Energy has an average rating of Buy and an average price target of $45.79.
Shares of Devon Energy (DVN) opened at $32.72 on Friday. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.73. The stock has a market cap of $17,213.99, a P/E ratio of 12.35, a PEG ratio of 2.10 and a beta of 2.26. Devon Energy has a 52-week low of $28.79 and a 52-week high of $45.16.
Devon Energy announced that its board has authorized a stock repurchase plan on Wednesday, March 7th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the energy company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.98%. This is a boost from Devon Energy’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, June 14th. Devon Energy’s dividend payout ratio is currently 9.06%.
In other news, EVP Lyndon C. Taylor sold 12,798 shares of the stock in a transaction that occurred on Thursday, December 14th. The stock was 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 directly owns 67,900 shares of the company’s stock, valued at $2,599,891. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.51% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Private Advisor Group LLC boosted its position in shares of Devon Energy by 4.5% in the third quarter. Private Advisor Group LLC now owns 29,484 shares of the energy company’s stock valued at $1,059,000 after acquiring an additional 1,273 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Devon Energy by 8.1% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 17,658 shares of the energy company’s stock valued at $648,000 after acquiring an additional 1,329 shares during the period. Crossmark Global Holdings Inc. boosted its position in shares of Devon Energy by 2.4% in the fourth quarter. Crossmark Global Holdings Inc. now owns 56,676 shares of the energy company’s stock valued at $2,346,000 after acquiring an additional 1,344 shares during the period. Fernwood Investment Management LLC boosted its position in shares of Devon Energy by 17.2% in the third quarter. Fernwood Investment Management LLC now owns 9,200 shares of the energy company’s stock valued at $338,000 after acquiring an additional 1,350 shares during the period. Finally, Intrust Bank NA boosted its position in shares of Devon Energy by 15.9% in the fourth quarter. Intrust Bank NA now owns 10,573 shares of the energy company’s stock valued at $438,000 after acquiring an additional 1,451 shares during the period. 82.22% of the stock is owned by institutional investors.
Devon Energy Company Profile
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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