Devon Energy Corporation (DVN) Receives Average Recommendation of “Buy” from Analysts
Devon Energy Corporation (NYSE:DVN) has earned an average recommendation of “Buy” from the twenty-two research firms that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, five have given a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $46.56.
DVN has been the topic of a number of recent analyst reports. Morgan Stanley increased their price objective on Devon Energy from $42.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 18th. BMO Capital Markets set a $38.00 price objective on Devon Energy and gave the company a “buy” rating in a report on Monday, August 28th. Royal Bank Of Canada set a $43.00 price objective on Devon Energy and gave the company a “buy” rating in a report on Friday, August 25th. Stifel Nicolaus set a $61.00 price objective on Devon Energy and gave the company a “buy” rating in a report on Friday, August 25th. Finally, Jefferies Group reiterated a “hold” rating and issued a $31.00 price objective (down previously from $35.00) on shares of Devon Energy in a report on Tuesday, August 29th.
Several hedge funds have recently made changes to their positions in the business. Steward Partners Investment Advisory LLC purchased a new position in shares of Devon Energy in the 3rd quarter valued at approximately $183,000. Belpointe Asset Management LLC purchased a new position in shares of Devon Energy in the 3rd quarter valued at approximately $397,000. Sterling Capital Management LLC grew its stake in shares of Devon Energy by 9.0% in the 3rd quarter. Sterling Capital Management LLC now owns 33,875 shares of the energy company’s stock valued at $1,243,000 after purchasing an additional 2,798 shares during the last quarter. Griffin Asset Management Inc. purchased a new position in shares of Devon Energy in the 3rd quarter valued at approximately $1,437,000. Finally, Piedmont Investment Advisors LLC grew its stake in shares of Devon Energy by 14.0% in the 3rd quarter. Piedmont Investment Advisors LLC now owns 14,855 shares of the energy company’s stock valued at $545,000 after purchasing an additional 1,830 shares during the last quarter. Institutional investors own 77.64% of the company’s stock.
Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, October 31st. The energy company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Devon Energy had a return on equity of 6.88% and a net margin of 11.62%. The business had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the prior year, the business posted $1.89 EPS. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. analysts forecast that Devon Energy will post 1.78 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be paid a $0.06 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.62%. Devon Energy’s dividend payout ratio (DPR) is currently 8.16%.
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About Devon Energy
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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