Devon Energy Co. (NYSE:DVN) Receives $49.43 Consensus Target Price from Analysts

Devon Energy Co. (NYSE:DVN - Get Free Report) has earned an average recommendation of "Moderate Buy" from the twenty-two research firms that are presently covering the company, MarketBeat reports. Eight research analysts have rated the stock with a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $49.27.

A number of equities research analysts have recently weighed in on DVN shares. Mizuho cut their target price on shares of Devon Energy from $51.00 to $47.00 and set an "outperform" rating on the stock in a research note on Monday, December 16th. Barclays reduced their price objective on Devon Energy from $55.00 to $46.00 and set an "equal weight" rating for the company in a report on Thursday, October 3rd. Wolfe Research raised Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 price objective for the company in a report on Friday, January 3rd. Benchmark upgraded shares of Devon Energy from a "hold" rating to a "buy" rating and set a $44.00 price target on the stock in a research report on Tuesday. Finally, Truist Financial cut their price objective on Devon Energy from $43.00 to $42.00 and set a "hold" rating for the company in a research note on Monday.

Devon Energy Stock Down 1.2 %

Shares of NYSE DVN traded down $0.44 during midday trading on Tuesday, hitting $37.98. 9,307,408 shares of the stock traded hands, compared to its average volume of 11,139,753. Devon Energy has a one year low of $30.39 and a one year high of $55.09. The company has a market cap of $24.95 billion, a PE ratio of 7.05, a P/E/G ratio of 1.14 and a beta of 2.00. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The business has a 50 day moving average price of $35.50 and a two-hundred day moving average price of $40.39.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the firm posted $1.65 EPS. The firm's revenue for the quarter was up 4.9% on a year-over-year basis. On average, equities analysts predict that Devon Energy will post 4.72 EPS for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy's dividend payout ratio (DPR) is 16.33%.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently bought and sold shares of DVN. Geode Capital Management LLC increased its stake in Devon Energy by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company's stock worth $619,747,000 after buying an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. purchased a new position in Devon Energy in the third quarter valued at $461,857,000. Pacer Advisors Inc. grew its stake in Devon Energy by 16.9% during the 3rd 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. EnCap Partners GP LLC purchased a new stake in Devon Energy during the 3rd quarter worth about $408,653,000. Finally, Victory Capital Management Inc. raised its position in Devon Energy by 3.8% in the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company's stock valued at $390,079,000 after purchasing an additional 361,968 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

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.