Devon Energy Co. (NYSE:DVN) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Devon Energy Co. (NYSE:DVN) have been assigned a consensus rating of “Moderate Buy” from the twenty-one analysts that are covering the company, Marketbeat Ratings reports. Seven research analysts have rated the stock with a hold recommendation and fourteen have given a buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $52.63.

DVN has been the subject of several research reports. Wolfe Research initiated coverage on Devon Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Sanford C. Bernstein reduced their price objective on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research report on Wednesday, July 17th. JPMorgan Chase & Co. reduced their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. UBS Group reduced their price objective on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Finally, StockNews.com lowered Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd.

Devon Energy Trading Up 2.2 %

NYSE DVN opened at $42.87 on Friday. Devon Energy has a fifty-two week low of $37.76 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The stock has a 50 day simple moving average of $42.36 and a two-hundred day simple moving average of $46.66. The stock has a market cap of $27.09 billion, a P/E ratio of 8.18, a price-to-earnings-growth ratio of 1.22 and a beta of 2.02.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same quarter in the prior year, the company earned $1.18 EPS. The business’s revenue was up 13.4% compared to the same quarter last year. On average, analysts forecast that Devon Energy will post 5.11 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $0.22 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.05%. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

Hedge Funds Weigh In On Devon Energy

Institutional investors and hedge funds have recently modified their holdings of the company. William B. Walkup & Associates Inc. purchased a new position in shares of Devon Energy in the 2nd quarter worth $1,026,000. Creekmur Asset Management LLC purchased a new position in Devon Energy during the fourth quarter valued at $791,000. Wahed Invest LLC lifted its position in Devon Energy by 6.3% during the fourth quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock valued at $496,000 after purchasing an additional 648 shares in the last quarter. Tradewinds Capital Management LLC purchased a new position in Devon Energy during the first quarter valued at $30,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in Devon Energy during the second quarter valued at $711,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.