Brokerages Set Devon Energy Co. (NYSE:DVN) Target Price at $48.87

Devon Energy Co. (NYSE:DVN) has been assigned a consensus rating of “Moderate Buy” from the twenty-three ratings firms that are currently covering the stock, MarketBeat.com reports. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $48.87.

DVN has been the topic of a number of research analyst reports. Cowen lowered Devon Energy to a “hold” rating and dropped their price target for the stock from $46.00 to $45.00 in a research note on Tuesday, February 18th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price for the company in a report on Friday, January 3rd. Piper Sandler lifted their target price on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Finally, Raymond James lifted their target price on Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd.

Institutional Trading of Devon Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after buying an additional 5,465,692 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Devon Energy by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock valued at $552,830,000 after buying an additional 1,038,305 shares in the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Devon Energy during the third quarter worth approximately $461,857,000. Pacer Advisors Inc. increased its position in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares in the last quarter. Finally, EnCap Partners GP LLC purchased a new stake in shares of Devon Energy during the third quarter worth approximately $408,653,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Shares of DVN stock opened at $34.74 on Wednesday. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The firm has a market capitalization of $22.54 billion, a price-to-earnings ratio of 7.62, a PEG ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The stock’s 50-day simple moving average is $35.24 and its 200-day simple moving average is $37.63.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. As a group, equities analysts forecast that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.76%. Devon Energy’s payout ratio is 21.05%.

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.