Devon Energy Co. (NYSE: DVN – Get Rating) has received a consensus “buy” recommendation from the twenty-three rating agencies that cover the company, Marketbeat.com reports. Four research analysts rated the stock with a hold rating, thirteen gave the company a buy rating and one gave the company a strong buy rating. The average 1-year price target among brokerages that have reported on the stock in the past year is $49.05.
DVN has been the subject of several research reports. Zacks Investment Research downgraded Devon Energy from a “strong buy” rating to a “hold” rating and set a price target of $40.00 for the stock. in a research note from Tuesday, December 21. Mizuho raised its price target on Devon Energy from $59.00 to $61.00 and gave the company a “buy” rating in a Tuesday, Nov. 30 research note. Citigroup raised its target price on Devon Energy from $39.00 to $57.00 in a Thursday, January 20 research note. TheStreet upgraded Devon Energy from a ‘c+’ rating to a ‘b’ rating in a Tuesday, November 2 research note. Finally, Raymond James raised his price target on Devon Energy from $65.00 to $70.00 and gave the company a “Strong Buy” rating in a Tuesday, February 22 research note.
Shares of DVN opened at $59.55 on Tuesday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a leverage ratio of 0.69. Devon Energy has a 12-month low of $20.14 and a 12-month high of $59.66. The company has a market capitalization of $39.55 billion, a PE ratio of 14.28, a growth price-earnings ratio of 0.21 and a beta of 2.87. The stock’s fifty-day simple moving average is $49.45 and its 200-day simple moving average is $41.25.
Devon Energy (NYSE:DVN – Get Rating) last released its quarterly results on Monday, February 14. The energy company reported earnings per share (EPS) of $1.39 for the quarter, beating the consensus estimate of $1.24 by $0.15. Devon Energy had a return on equity of 26.76% and a net margin of 23.60%. Analysts expect Devon Energy to post EPS of 6.17 for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 31. Shareholders of record on Monday, March 14 will receive a dividend of $1.00. This is an increase from Devon Energy’s previous quarterly dividend of $0.84. This represents an annualized dividend of $4.00 and a dividend yield of 6.72%. The ex-dividend date is Friday, March 11. Devon Energy’s dividend payout ratio is 10.55%.
Devon Energy said its board launched a share buyback program on Tuesday, Nov. 2 that allows the company to repurchase $1.00 billion worth of stock. This buyback authorization allows the energy company to buy back up to 3.5% of its shares through purchases on the open market. Share repurchase programs usually indicate that the company’s board of directors believe its shares are undervalued.
In related news, SVP Tana K. Cashion sold 41,883 shares in a trade dated Tuesday, December 14. The stock was sold at an average price of $40.13, for a total transaction of $1,680,764.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Additionally, CAO Jeremy D. Humphers sold 2,000 shares in a trade dated Tuesday, December 14. The stock was sold at an average price of $40.64, for a total value of $81,280.00. The disclosure of this sale can be found here. During the last quarter, insiders sold 53,438 shares of the company valued at $2,264,599. 0.59% of the shares are held by insiders.
A number of hedge funds have recently bought and sold shares of the company. Quent Capital LLC bought a new position in Devon Energy in the fourth quarter worth approximately $191,000. Westwood Holdings Group Inc. increased its stake in Devon Energy by 1,614.2% in the fourth quarter. Westwood Holdings Group Inc. now owns 124,105 shares of the energy company valued at $5,467,000 after buying an additional 116,865 shares last quarter. AlphaCentric Advisors LLC bought a new position in Devon Energy in the fourth quarter worth about $34,000. JustInvest LLC increased its stake in Devon Energy by 50.4% in the fourth quarter. JustInvest LLC now owns 44,090 shares of the energy company valued at $1,942,000 after buying an additional 14,781 shares last quarter. Finally, Visionary Wealth Advisors increased its stake in Devon Energy by 35.1% in the fourth quarter. Visionary Wealth Advisors now owns 13,187 shares of the energy company valued at $581,000 after buying 3,423 additional shares last quarter. Hedge funds and other institutional investors hold 88.11% of the company’s shares.
About Devon Energy (Get a rating)
Devon Energy Corp. is engaged in the exploration, development and production of oil and gas properties. It develops and operates the Delaware Basin, Eagle Ford, Heavy Oil, Baarnett Shale, STACK and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is based in Oklahoma City, OK.
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