Wells Fargo & Company upgraded shares of Devon Energy (NYSE:DVN – Free Report) from an equal weight rating to an overweight rating in a research note released on Monday, Marketbeat Ratings reports. They currently have $59.00 target price on the energy company’s stock, up from their previous target price of $46.00.
Several other equities research analysts have also commented on the stock. Morgan Stanley boosted their price objective on shares of Devon Energy from $48.00 to $49.00 and gave the stock an overweight rating in a research report on Thursday. UBS Group dropped their price objective on shares of Devon Energy from $52.00 to $48.00 and set a neutral rating for the company in a research note on Thursday, December 14th. Citigroup upped their target price on Devon Energy from $52.00 to $55.00 and gave the company a buy rating in a research note on Monday, March 18th. Mizuho cut their price target on Devon Energy from $54.00 to $53.00 and set a buy rating for the company in a report on Thursday, January 11th. Finally, JPMorgan Chase & Co. upgraded Devon Energy from a neutral rating to an overweight rating and lifted their price objective for the stock from $57.00 to $58.00 in a research report on Wednesday, December 6th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy has an average rating of Moderate Buy and a consensus target price of $55.88.
Check Out Our Latest Report on Devon Energy
Devon Energy Price Performance
NYSE:DVN traded up $0.76 during trading hours on Monday, reaching $50.94. 8,014,684 shares of the company were exchanged, compared to its average volume of 8,149,438. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. Devon Energy has a twelve month low of $40.47 and a twelve month high of $56.19. The firm has a market cap of $32.35 billion, a PE ratio of 8.74 and a beta of 2.19. The stock’s 50-day moving average is $44.83 and its 200-day moving average is $45.38.
Devon Energy (NYSE:DVN – Get Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.02. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company’s revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.66 earnings per share. On average, sell-side analysts anticipate that Devon Energy will post 4.83 earnings per share for the current fiscal year.
Devon Energy Cuts Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.46%. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.
Institutional Trading of Devon Energy
A number of institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC increased its stake in Devon Energy by 6.2% during the first quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock worth $715,360,000 after acquiring an additional 823,626 shares during the last quarter. Morgan Stanley increased its position in Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Devon Energy by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after buying an additional 68,339 shares during the period. Raymond James & Associates lifted its position in Devon Energy by 5.0% during the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock valued at $402,095,000 after buying an additional 402,055 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Devon Energy by 1.4% during the first quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock worth $435,881,000 after buying an additional 99,059 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.
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.
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