Piper Jaffray Companies restated their hold rating on shares of Devon Energy (NYSE:DVN) in a research report report published on Tuesday. The firm currently has a $42.00 price target on the energy company’s stock.
A number of other equities analysts have also issued reports on DVN. Cowen reiterated a buy rating and set a $40.00 target price on shares of Devon Energy in a research report on Thursday, September 28th. Stifel Nicolaus set a $66.00 target price on shares of Devon Energy and gave the stock a buy rating in a research report on Thursday, October 5th. Jefferies Group upgraded shares of Devon Energy from a hold rating to a buy rating and set a $43.00 target price on the stock in a research report on Monday, October 9th. BMO Capital Markets set a $45.00 target price on shares of Devon Energy and gave the stock a buy rating in a research report on Tuesday, October 10th. Finally, Morgan Stanley upped their target price on shares of Devon Energy from $42.00 to $48.00 and gave the stock an overweight rating in a research report on Wednesday, October 18th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and fifteen have issued a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $45.82.
Shares of Devon Energy (NYSE DVN) traded up $0.97 during mid-day trading on Tuesday, hitting $44.04. 7,670,000 shares of the stock were exchanged, compared to its average volume of 4,630,000. Devon Energy has a 12 month low of $28.79 and a 12 month high of $47.82. The firm has a market capitalization of $23,140.00, a price-to-earnings ratio of 14.98, a price-to-earnings-growth ratio of 2.56 and a beta of 2.21. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.63 and a quick ratio of 1.63.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.24 annualized dividend and a yield of 0.54%. Devon Energy’s dividend payout ratio is currently 8.16%.
In related news, EVP Lyndon C. Taylor sold 12,798 shares of the stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $38.29, for a total value of $490,035.42. Following the transaction, the executive vice president now directly owns 67,900 shares in the company, valued at $2,599,891. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.51% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Federated Investors Inc. PA increased its stake in Devon Energy by 116.2% in the second quarter. Federated Investors Inc. PA now owns 23,153 shares of the energy company’s stock valued at $740,000 after purchasing an additional 12,442 shares in the last quarter. Fiduciary Trust Co. bought a new stake in Devon Energy in the second quarter valued at approximately $144,000. Franklin Resources Inc. increased its stake in Devon Energy by 9.5% in the second quarter. Franklin Resources Inc. now owns 3,067,895 shares of the energy company’s stock valued at $98,068,000 after purchasing an additional 267,180 shares in the last quarter. Aberdeen Asset Management PLC UK increased its stake in Devon Energy by 97.8% in the second quarter. Aberdeen Asset Management PLC UK now owns 236,503 shares of the energy company’s stock valued at $7,561,000 after purchasing an additional 116,934 shares in the last quarter. Finally, Martingale Asset Management L P increased its stake in Devon Energy by 10.3% in the second quarter. Martingale Asset Management L P now owns 103,655 shares of the energy company’s stock valued at $3,314,000 after purchasing an additional 9,651 shares in the last quarter. Institutional investors and hedge funds own 77.44% of the company’s stock.
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Devon Energy Company Profile
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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