Devon Energy Co. (NYSE:DVN) Receives Average Recommendation of "Moderate Buy" from Brokerages

Devon Energy Co. (NYSE:DVN - Get Free Report) has received an average recommendation of "Moderate Buy" from the twenty-two research firms that are currently covering the stock, Marketbeat reports. Eleven equities research analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $50.05.

Several research firms have recently commented on DVN. Susquehanna decreased their price objective on Devon Energy from $63.00 to $62.00 and set a "positive" rating on the stock in a report on Friday, October 18th. Truist Financial cut Devon Energy from a "buy" rating to a "hold" rating and decreased their price target for the stock from $49.00 to $43.00 in a research note on Thursday, November 7th. Morgan Stanley dropped their price objective on Devon Energy from $55.00 to $51.00 and set an "overweight" rating for the company in a research note on Monday, September 16th. Piper Sandler decreased their target price on shares of Devon Energy from $57.00 to $53.00 and set an "overweight" rating on the stock in a research note on Tuesday. Finally, Mizuho lowered their price target on shares of Devon Energy from $51.00 to $47.00 and set an "outperform" rating for the company in a report on Monday.

Devon Energy Price Performance

Shares of DVN stock traded up $0.25 during trading hours on Friday, hitting $30.77. 34,628,266 shares of the company's stock were exchanged, compared to its average volume of 7,783,791. The company has a market capitalization of $20.21 billion, a PE ratio of 5.71, a PEG ratio of 1.10 and a beta of 1.99. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy has a 12-month low of $30.39 and a 12-month high of $55.09. The business's 50 day simple moving average is $37.89 and its 200-day simple moving average is $42.16.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion for the quarter, compared to analysts' expectations of $3.72 billion. During the same quarter last year, the company earned $1.65 EPS. The firm's revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts anticipate that Devon Energy will post 4.79 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.86%. Devon Energy's dividend payout ratio (DPR) is 16.33%.

Institutional Trading of Devon Energy

A number of hedge funds have recently modified their holdings of DVN. William B. Walkup & Associates Inc. purchased a new position in Devon Energy during the 2nd quarter valued at about $1,026,000. Legacy Investment Solutions LLC bought a new position in shares of Devon Energy during the third quarter valued at approximately $8,002,000. Bridgewater Associates LP purchased a new position in shares of Devon Energy during the third quarter valued at approximately $9,426,000. Petrus Trust Company LTA boosted its position in shares of Devon Energy by 394.7% in the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company's stock worth $854,000 after purchasing an additional 17,415 shares in the last quarter. Finally, CIBC Asset Management Inc grew its stake in shares of Devon Energy by 6.3% in the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company's stock worth $4,193,000 after buying an additional 6,358 shares during the last quarter. 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.