Stephens initiated coverage on shares of Devon Energy (NYSE:DVN) in a report released on Thursday morning, Marketbeat reports. The firm issued an overweight rating and a $50.00 target price on the energy company’s stock.
Other equities analysts also recently issued reports about the stock. Barclays began coverage on shares of Devon Energy in a research note on Wednesday, August 29th. They issued an overweight rating and a $49.00 price target on the stock. Seaport Global Securities restated a buy rating on shares of Devon Energy in a research note on Wednesday, October 17th. Mizuho set a $31.00 price target on shares of Devon Energy and gave the company a hold rating in a research note on Wednesday, November 28th. KLR Group restated a buy rating and issued a $60.00 price target on shares of Devon Energy in a research note on Monday, August 20th. Finally, Piper Jaffray Companies restated a hold rating and issued a $52.00 price target on shares of Devon Energy in a research note on Thursday, August 16th. Ten investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $47.22.
Shares of NYSE:DVN traded up $0.07 on Thursday, hitting $27.82. The company had a trading volume of 278,105 shares, compared to its average volume of 7,812,079. Devon Energy has a 1-year low of $25.87 and a 1-year high of $46.54. The company has a market cap of $13.19 billion, a P/E ratio of 44.67, a P/E/G ratio of 1.43 and a beta of 2.26. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.48 and a quick ratio of 1.48.
Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 6th. The energy company reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.21. Devon Energy had a net margin of 16.62% and a return on equity of 6.40%. The business had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.61 billion. During the same period in the prior year, the company posted $0.46 earnings per share. Devon Energy’s revenue was up 33.4% compared to the same quarter last year. As a group, equities research analysts expect that Devon Energy will post 1.57 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.15%. Devon Energy’s dividend payout ratio (DPR) is currently 50.79%.
Several hedge funds have recently bought and sold shares of the company. Matthew Goff Investment Advisor LLC bought a new position in shares of Devon Energy in the third quarter worth about $4,168,000. Clearbridge Investments LLC raised its holdings in Devon Energy by 57.3% in the 3rd quarter. Clearbridge Investments LLC now owns 3,195,598 shares of the energy company’s stock valued at $127,632,000 after buying an additional 1,164,365 shares during the last quarter. Morgan Stanley raised its holdings in Devon Energy by 105.9% in the 3rd quarter. Morgan Stanley now owns 2,521,826 shares of the energy company’s stock valued at $100,722,000 after buying an additional 1,296,801 shares during the last quarter. Rehmann Capital Advisory Group raised its holdings in Devon Energy by 3,766.6% in the 3rd quarter. Rehmann Capital Advisory Group now owns 27,878 shares of the energy company’s stock valued at $698,000 after buying an additional 27,157 shares during the last quarter. Finally, Paradigm Asset Management Co. LLC raised its holdings in Devon Energy by 141.7% in the 3rd quarter. Paradigm Asset Management Co. LLC now owns 24,480 shares of the energy company’s stock valued at $978,000 after buying an additional 14,350 shares during the last quarter. 82.99% of the stock is owned by hedge funds and other institutional investors.
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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