DVN has been the subject of a number of other research reports. Royal Bank of Canada set a $43.00 target price on shares of Devon Energy and gave the stock a buy rating in a research report on Friday, February 23rd. Jefferies Group reaffirmed a buy rating and issued a $41.00 price objective on shares of Devon Energy in a research report on Monday, March 19th. KLR Group downgraded shares of Devon Energy from a buy rating to a hold rating and set a $49.00 price objective for the company. in a research report on Tuesday, January 23rd. Wolfe Research raised shares of Devon Energy from a market perform rating to an outperform rating in a research report on Tuesday, January 30th. Finally, BMO Capital Markets reaffirmed a buy rating and issued a $50.00 price objective on shares of Devon Energy in a research report on Tuesday, February 27th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and nineteen have issued a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $45.65.
DVN traded up $0.70 on Thursday, reaching $33.53. 2,578,374 shares of the company’s stock were exchanged, compared to its average volume of 7,584,483. The company has a market cap of $17,750.61, a PE ratio of 53.29, a price-to-earnings-growth ratio of 3.16 and a beta of 2.18. Devon Energy has a twelve month low of $28.79 and a twelve month high of $45.16. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.45 and a current ratio of 1.45.
Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 20th. The energy company reported $0.38 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.22). The business had revenue of $3.98 billion for the quarter, compared to analyst estimates of $3.58 billion. Devon Energy had a return on equity of 6.92% and a net margin of 10.04%. The firm’s revenue for the quarter was up 41.8% compared to the same quarter last year. During the same period last year, the company posted $0.25 EPS. sell-side analysts predict that Devon Energy will post 1.52 earnings per share for the current year.
Devon Energy announced that its board has authorized a share repurchase program on Wednesday, March 7th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the energy company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.95%. This is an increase from Devon Energy’s previous quarterly dividend of $0.06. Devon Energy’s dividend payout ratio (DPR) is presently 38.10%.
Several hedge funds have recently added to or reduced their stakes in DVN. Ladenburg Thalmann Financial Services Inc. lifted its stake in Devon Energy by 8.1% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 17,658 shares of the energy company’s stock worth $648,000 after purchasing an additional 1,329 shares during the last quarter. Crossmark Global Holdings Inc. lifted its stake in Devon Energy by 2.4% in the fourth quarter. Crossmark Global Holdings Inc. now owns 56,676 shares of the energy company’s stock valued at $2,346,000 after buying an additional 1,344 shares during the last quarter. Intrust Bank NA lifted its stake in Devon Energy by 15.9% in the fourth quarter. Intrust Bank NA now owns 10,573 shares of the energy company’s stock valued at $438,000 after buying an additional 1,451 shares during the last quarter. Hedeker Wealth LLC lifted its stake in Devon Energy by 6.8% in the fourth quarter. Hedeker Wealth LLC now owns 23,082 shares of the energy company’s stock valued at $955,000 after buying an additional 1,467 shares during the last quarter. Finally, Brightworth lifted its stake in Devon Energy by 2.9% in the fourth quarter. Brightworth now owns 54,037 shares of the energy company’s stock valued at $2,237,000 after buying an additional 1,525 shares during the last quarter. 82.20% of the stock is owned by institutional investors and hedge funds.
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Devon Energy Company Profile
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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