Scotiabank Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price objective hoisted by Scotiabank from $35.00 to $40.00 in a report published on Friday,Benzinga reports. They currently have a sector outperform rating on the energy company’s stock.

A number of other research firms also recently issued reports on DVN. Wells Fargo & Company decreased their price objective on shares of Devon Energy from $46.00 to $41.00 and set an “overweight” rating for the company in a report on Monday, June 16th. The Goldman Sachs Group raised their price target on shares of Devon Energy from $38.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. Wall Street Zen upgraded Devon Energy from a “sell” rating to a “hold” rating in a research note on Thursday, May 15th. Citigroup reduced their price objective on Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a report on Friday, April 4th. Finally, Raymond James Financial set a $40.00 target price on Devon Energy in a research note on Monday, April 21st. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $43.79.

Devon Energy Price Performance

Devon Energy stock opened at $33.99 on Friday. Devon Energy has a 52 week low of $25.89 and a 52 week high of $49.35. The company’s 50 day moving average price is $32.69 and its two-hundred day moving average price is $33.51. The stock has a market cap of $21.82 billion, a P/E ratio of 7.74, a P/E/G ratio of 2.53 and a beta of 1.02. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). The business had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The business’s revenue was up 23.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.16 earnings per share. On average, equities analysts predict that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a dividend of $0.24 per share. The ex-dividend date was Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.82%. Devon Energy’s dividend payout ratio (DPR) is presently 21.87%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of DVN. Banque Cantonale Vaudoise bought a new stake in shares of Devon Energy during the 1st quarter worth $26,000. Financial Gravity Asset Management Inc. bought a new stake in Devon Energy during the first quarter worth about $26,000. Hurley Capital LLC purchased a new position in shares of Devon Energy in the 4th quarter worth about $26,000. Rakuten Securities Inc. increased its position in shares of Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock valued at $31,000 after purchasing an additional 405 shares during the last quarter. Finally, Accredited Wealth Management LLC purchased a new position in shares of Devon Energy during the 4th quarter valued at about $28,000. 69.72% of the stock is currently owned by institutional investors.

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.