StockNews.com Upgrades Devon Energy (NYSE:DVN) to Buy

StockNews.com upgraded shares of Devon Energy (NYSE:DVN) from a hold rating to a buy rating in a research report released on Friday.

A number of other equities research analysts also recently weighed in on DVN. UBS Group upped their target price on Devon Energy from $48.00 to $57.00 and gave the stock a neutral rating in a research report on Wednesday, April 10th. Royal Bank of Canada reissued a sector perform rating and set a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. Wells Fargo & Company upgraded shares of Devon Energy from an equal weight rating to an overweight rating and lifted their price target for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Mizuho boosted their target price on Devon Energy from $53.00 to $57.00 and gave the stock a buy rating in a research report on Thursday, May 2nd. Finally, Citigroup upped their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the company a buy rating in a research note on Thursday, April 11th. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Devon Energy presently has a consensus rating of Moderate Buy and a consensus price target of $58.44.

Devon Energy Trading Up 0.6 %

Shares of NYSE:DVN opened at $50.86 on Friday. The company’s 50-day moving average price is $49.62 and its 200 day moving average price is $46.25. The company has a market cap of $32.14 billion, a PE ratio of 9.71 and a beta of 2.16. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the previous year, the firm posted $1.46 EPS. The firm’s quarterly revenue was down 5.9% on a year-over-year basis. Sell-side analysts anticipate that Devon Energy will post 5.24 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 annualized dividend and a yield of 1.73%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Institutional Investors Weigh In On Devon Energy

Hedge funds have recently bought and sold shares of the company. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Devon Energy during the 3rd quarter valued at about $27,000. Manchester Capital Management LLC acquired a new stake in Devon Energy in the 4th quarter valued at $28,000. Tradewinds Capital Management LLC bought a new stake in Devon Energy in the first quarter valued at $30,000. Sound Income Strategies LLC raised its stake in Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after acquiring an additional 255 shares in the last quarter. Finally, Rise Advisors LLC grew its holdings in shares of Devon Energy by 1,365.3% in the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after purchasing an additional 669 shares during the last quarter. 69.72% of the stock is currently owned by 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.