Devon Energy (DVN) Price Target Cut to $56.00 by Analysts at Royal Bank of Canada

Devon Energy (NYSE:DVN) had its price objective reduced by Royal Bank of Canada from $58.00 to $56.00 in a research note published on Thursday morning. They currently have a buy rating on the energy company’s stock.

Several other brokerages have also recently issued reports on DVN. BMO Capital Markets reissued a buy rating and set a $50.00 target price on shares of Devon Energy in a report on Tuesday, August 7th. Credit Suisse Group set a $45.00 target price on shares of Devon Energy and gave the stock a buy rating in a report on Wednesday. Zacks Investment Research raised shares of Devon Energy from a hold rating to a buy rating and set a $38.00 target price for the company in a report on Wednesday, October 24th. Barclays started coverage on shares of Devon Energy in a report on Wednesday, August 29th. They set an overweight rating and a $49.00 target price for the company. Finally, ValuEngine cut shares of Devon Energy from a buy rating to a hold rating in a report on Wednesday, August 8th. Six analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Devon Energy presently has an average rating of Buy and a consensus price target of $49.96.

Shares of NYSE:DVN traded up $0.29 on Thursday, hitting $33.01. 7,897,200 shares of the company were exchanged, compared to its average volume of 7,096,372. Devon Energy has a 1-year low of $29.83 and a 1-year high of $46.54. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $16.75 billion, a P/E ratio of 52.40, a PEG ratio of 1.43 and a beta of 2.27.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 6th. The energy company reported $0.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.21. Devon Energy had a net margin of 16.62% and a return on equity of 5.85%. The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same period in the previous year, the firm posted $0.46 earnings per share. The business’s revenue for the quarter was up 33.4% compared to the same quarter last year. Equities analysts forecast that Devon Energy will post 1.49 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 14th will be issued a $0.08 dividend. The ex-dividend date is Thursday, December 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.97%. Devon Energy’s payout ratio is 50.79%.

In other Devon Energy news, Director Robert H. Henry sold 5,600 shares of Devon Energy stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $42.14, for a total value of $235,984.00. Following the completion of the transaction, the director now owns 9,704 shares of the company’s stock, valued at $408,926.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.55% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in Devon Energy by 0.5% in the second quarter. BlackRock Inc. now owns 48,631,367 shares of the energy company’s stock valued at $2,137,835,000 after buying an additional 235,109 shares in the last quarter. FMR LLC increased its holdings in Devon Energy by 11.1% in the second quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock valued at $517,962,000 after buying an additional 1,173,389 shares in the last quarter. Diamond Hill Capital Management Inc. grew its position in shares of Devon Energy by 16.7% in the second quarter. Diamond Hill Capital Management Inc. now owns 9,201,696 shares of the energy company’s stock valued at $404,507,000 after purchasing an additional 1,316,231 shares during the period. American Century Companies Inc. grew its position in shares of Devon Energy by 2.5% in the third quarter. American Century Companies Inc. now owns 5,069,461 shares of the energy company’s stock valued at $202,474,000 after purchasing an additional 125,639 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Devon Energy by 4.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,669,095 shares of the energy company’s stock valued at $161,278,000 after purchasing an additional 161,232 shares during the period. 83.77% of the stock is owned by institutional investors.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.

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Analyst Recommendations for Devon Energy (NYSE:DVN)

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