Devon Energy (NYSE:DVN) Given New $63.00 Price Target at Capital One Financial
by Teresa Graham · The Cerbat GemDevon Energy (NYSE:DVN – Free Report) had its price objective lowered by Capital One Financial from $64.00 to $63.00 in a research report sent to investors on Tuesday,MarketScreener reports. The brokerage currently has an overweight rating on the energy company’s stock.
Several other equities analysts have also recently weighed in on DVN. JPMorgan Chase & Co. decreased their price target on shares of Devon Energy from $44.00 to $41.00 and set an “overweight” rating for the company in a research note on Thursday, January 15th. Sanford C. Bernstein raised their price target on shares of Devon Energy from $42.00 to $59.00 and gave the stock an “outperform” rating in a research note on Monday. Zacks Research raised shares of Devon Energy from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Benchmark reaffirmed a “buy” rating on shares of Devon Energy in a research note on Friday, January 16th. Finally, Mizuho raised their price target on shares of Devon Energy from $51.00 to $62.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $53.25.
Check Out Our Latest Research Report on DVN
Devon Energy Stock Down 0.6%
NYSE DVN traded down $0.27 during trading hours on Tuesday, reaching $44.99. 653,325 shares of the company’s stock were exchanged, compared to its average volume of 13,707,381. Devon Energy has a one year low of $28.61 and a one year high of $52.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98. The company’s 50-day moving average is $46.28 and its two-hundred day moving average is $39.39. The company has a market capitalization of $27.96 billion, a price-to-earnings ratio of 10.80, a price-to-earnings-growth ratio of 0.92 and a beta of 0.47.
Devon Energy (NYSE:DVN – Get Free Report) last announced its earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. The firm had revenue of $4.12 billion during the quarter, compared to analyst estimates of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The company’s revenue for the quarter was down 6.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.10 EPS. On average, analysts forecast that Devon Energy will post 4.85 EPS for the current fiscal year.
Devon Energy Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.1%. Devon Energy’s dividend payout ratio (DPR) is currently 23.02%.
Institutional Investors Weigh In On Devon Energy
A number of institutional investors and hedge funds have recently modified their holdings of DVN. Pacer Advisors Inc. raised its holdings in shares of Devon Energy by 2,108.0% in the 4th quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock valued at $233,953,000 after purchasing an additional 6,097,658 shares during the period. Panagora Asset Management Inc. raised its holdings in shares of Devon Energy by 42,376.5% in the 4th quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock valued at $132,206,000 after purchasing an additional 3,600,731 shares during the period. Kimmeridge Energy Management Company LLC boosted its position in Devon Energy by 56.5% during the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after purchasing an additional 3,195,862 shares during the period. AQR Capital Management LLC boosted its position in Devon Energy by 78.7% during the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after purchasing an additional 2,802,137 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in Devon Energy by 608.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,695,079 shares of the energy company’s stock worth $98,721,000 after purchasing an additional 2,314,843 shares during the period. 69.72% of the stock is owned by institutional investors.
About Devon Energy
Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.
Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.