Brokerages Set Devon Energy Co. (NYSE:DVN) PT at $49.43

Devon Energy Co. (NYSE:DVN - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the twenty-two analysts that are presently covering the stock, MarketBeat.com reports. Nine equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $49.18.

DVN has been the topic of several recent analyst reports. Barclays dropped their target price on Devon Energy from $55.00 to $46.00 and set an "equal weight" rating on the stock in a report on Thursday, October 3rd. Citigroup decreased their target price on shares of Devon Energy from $55.00 to $48.00 and set a "buy" rating for the company in a report on Tuesday, November 26th. Raymond James lowered their price objective on shares of Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Truist Financial cut their target price on shares of Devon Energy from $43.00 to $42.00 and set a "hold" rating for the company in a research report on Monday. Finally, UBS Group lowered their price target on shares of Devon Energy from $53.00 to $47.00 and set a "neutral" rating on the stock in a report on Wednesday, September 18th.

Devon Energy Stock Performance

Shares of NYSE DVN traded up $0.45 during midday trading on Tuesday, hitting $37.22. 9,099,594 shares of the company's stock were exchanged, compared to its average volume of 11,139,619. Devon Energy has a twelve month low of $30.39 and a twelve month high of $55.09. The firm has a market cap of $24.45 billion, a P/E ratio of 6.91, a PEG ratio of 1.07 and a beta of 2.00. The stock's 50 day moving average price is $35.58 and its 200-day moving average price is $40.49. 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 (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. The company's revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.65 earnings per share. Equities research analysts anticipate that Devon Energy will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a dividend of $0.22 per share. The ex-dividend date was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.36%. Devon Energy's dividend payout ratio (DPR) is presently 16.33%.

Institutional Investors Weigh In On Devon Energy

Several large investors have recently made changes to their positions in the company. EnCap Energy Capital Fund XI L.P. acquired a new position in Devon Energy in the third quarter worth $461,857,000. EnCap Partners GP LLC acquired a new stake in Devon Energy during the 3rd quarter worth $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new stake in shares of Devon Energy during the third quarter worth $230,928,000. International Assets Investment Management LLC increased its holdings in Devon Energy by 4,125.7% in the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company's stock valued at $89,231,000 after purchasing an additional 2,226,983 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its stake in Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company's stock valued at $453,446,000 after buying an additional 1,677,652 shares during the period. Institutional investors own 69.72% of the company's stock.

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.