Devon Energy (NYSE:DVN) Upgraded at Wolfe Research

Wolfe Research upgraded shares of Devon Energy (NYSE:DVN) from a peer perform rating to an outperform rating in a research note published on Friday, Marketbeat Ratings reports. Wolfe Research currently has $45.00 price target on the energy company’s stock.

Several other research analysts have also commented on the stock. JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research note on Thursday, December 5th. Barclays reduced their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Benchmark reiterated a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Jefferies Financial Group began coverage on Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price on the stock. Finally, Scotiabank decreased their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Eleven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average price target of $49.81.

Devon Energy Stock Up 1.6 %

Shares of NYSE DVN opened at $33.93 on Friday. Devon Energy has a 12-month low of $30.39 and a 12-month high of $55.09. The stock’s fifty day simple moving average is $35.97 and its two-hundred day simple moving average is $40.97. The stock has a market capitalization of $22.29 billion, a PE ratio of 6.30, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.65 earnings per share. As a group, analysts expect that Devon Energy will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a $0.22 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.59%. Devon Energy’s dividend payout ratio is presently 16.33%.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently made changes to their positions in the company. EnCap Energy Capital Fund XI L.P. acquired a new stake in Devon Energy during the third quarter valued at $461,857,000. EnCap Partners GP LLC acquired a new stake in shares of Devon Energy during the 3rd quarter valued at about $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new stake in shares of Devon Energy during the 3rd quarter valued at about $230,928,000. International Assets Investment Management LLC increased its stake in shares of Devon Energy by 4,125.7% in the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after purchasing an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. raised its holdings in Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.