Devon Energy Corp (DVN) Receives Average Rating of “Buy” from Brokerages

Devon Energy Corp (NYSE:DVN) has been given an average rating of “Buy” by the twenty-three research firms that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $48.88.

DVN has been the topic of a number of research reports. Stephens raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and set a $53.00 target price on the stock in a research note on Thursday, November 2nd. Royal Bank of Canada set a $47.00 target price on shares of Devon Energy and gave the company a “buy” rating in a research note on Wednesday, December 20th. KLR Group lowered shares of Devon Energy from a “buy” rating to a “hold” rating and set a $49.00 price objective on the stock. in a research note on Tuesday, January 23rd. Wolfe Research raised shares of Devon Energy from a “market perform” rating to an “outperform” rating in a research note on Tuesday, January 30th. Finally, Barclays boosted their price objective on shares of Devon Energy from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Monday, November 20th.

In other news, EVP Lyndon C. Taylor sold 12,798 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $38.29, for a total transaction of $490,035.42. Following the completion of the transaction, the executive vice president now directly owns 67,900 shares of the company’s stock, valued at $2,599,891. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.51% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Gabelli Funds LLC raised its holdings in shares of Devon Energy by 3.2% during the third quarter. Gabelli Funds LLC now owns 483,500 shares of the energy company’s stock valued at $17,749,000 after purchasing an additional 15,000 shares during the last quarter. Ninepoint Partners LP purchased a new position in shares of Devon Energy during the third quarter valued at approximately $6,241,000. 3G Capital Partners LP purchased a new position in shares of Devon Energy during the third quarter valued at approximately $14,684,000. Halbert Hargrove Russell LLC purchased a new position in shares of Devon Energy during the fourth quarter valued at approximately $336,000. Finally, Bank of Montreal Can raised its holdings in shares of Devon Energy by 301.0% during the fourth quarter. Bank of Montreal Can now owns 744,419 shares of the energy company’s stock valued at $30,819,000 after purchasing an additional 558,772 shares during the last quarter. 77.65% of the stock is owned by hedge funds and other institutional investors.

Shares of Devon Energy (DVN) opened at $34.57 on Wednesday. The firm has a market cap of $18,170.00, a PE ratio of 11.76, a PEG ratio of 1.73 and a beta of 2.10. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.63 and a current ratio of 1.63. Devon Energy has a 52 week low of $28.79 and a 52 week high of $47.25.

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.69%. Devon Energy’s dividend payout ratio is presently 8.16%.

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Devon Energy Company Profile

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).

Analyst Recommendations for Devon Energy (NYSE:DVN)

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