Devon Energy Corp (DVN) Given Average Rating of “Buy” by Brokerages
Devon Energy Corp (NYSE:DVN) has been assigned a consensus rating of “Buy” from the twenty-one research firms that are currently covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and fifteen have assigned a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $47.73.
DVN has been the subject of a number of analyst reports. Cowen set a $40.00 price target on shares of Devon Energy and gave the company a “buy” rating in a report on Tuesday, October 31st. Seaport Global Securities raised shares of Devon Energy from a “neutral” rating to a “buy” rating in a report on Tuesday, December 19th. BMO Capital Markets set a $45.00 price target on shares of Devon Energy and gave the company a “buy” rating in a report on Tuesday, October 10th. Jefferies Group raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a report on Monday, October 9th. Finally, Stifel Nicolaus set a $66.00 price target on shares of Devon Energy and gave the company a “buy” rating in a report on Thursday, October 5th.
Devon Energy (NYSE:DVN) opened at $42.85 on Friday. The firm has a market capitalization of $22,520.00, a PE ratio of 14.57, a PEG ratio of 2.50 and a beta of 2.21. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.87. Devon Energy has a 12-month low of $28.79 and a 12-month high of $47.82.
The company also recently disclosed 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. This represents a $0.24 annualized dividend and a yield of 0.56%. The ex-dividend date is Wednesday, March 14th. Devon Energy’s payout ratio is currently 8.16%.
In other Devon Energy news, EVP Lyndon C. Taylor sold 12,798 shares of the firm’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $38.29, for a total value of $490,035.42. Following the completion of the sale, the executive vice president now owns 67,900 shares of the company’s stock, valued at $2,599,891. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.51% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Gabelli Funds LLC lifted its stake in Devon Energy by 3.2% in the third quarter. Gabelli Funds LLC now owns 483,500 shares of the energy company’s stock worth $17,749,000 after purchasing an additional 15,000 shares during the last quarter. Ninepoint Partners LP bought a new stake in Devon Energy in the third quarter worth about $6,241,000. 3G Capital Partners LP bought a new stake in Devon Energy in the third quarter worth about $14,684,000. TVR Capital Management LP lifted its stake in Devon Energy by 121.8% in the second quarter. TVR Capital Management LP now owns 240,000 shares of the energy company’s stock worth $7,673,000 after purchasing an additional 131,806 shares during the last quarter. Finally, BlueCrest Capital Management Ltd bought a new stake in Devon Energy in the second quarter worth about $1,397,000. 77.49% of the stock is owned by institutional investors and hedge funds.
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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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