Devon Energy (NYSE:DVN) had its target price reduced by JPMorgan Chase & Co. from $47.00 to $42.00 in a report published on Wednesday. They currently have an overweight rating on the energy company’s stock.
Other equities research analysts also recently issued research reports about the stock. Barclays reaffirmed a buy rating and set a $39.00 price target on shares of Devon Energy in a research note on Sunday, December 24th. Royal Bank of Canada set a $47.00 price target on shares of Devon Energy and gave the stock a buy rating in a research note on Wednesday, December 20th. Jefferies Group set a $46.00 target price on shares of Devon Energy and gave the stock a buy rating in a research report on Wednesday, December 20th. Seaport Global Securities raised shares of Devon Energy from a neutral rating to a buy rating in a research report on Tuesday, December 19th. Finally, Citigroup reissued a buy rating and issued a $44.00 target price on shares of Devon Energy in a research report on Tuesday, November 28th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of Buy and a consensus price target of $45.70.
Shares of Devon Energy (NYSE DVN) opened at $31.96 on Wednesday. Devon Energy has a one year low of $28.79 and a one year high of $45.16. The stock has a market cap of $16,682.63, a price-to-earnings ratio of 12.06, a P/E/G ratio of 2.41 and a beta of 2.26. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.73.
Devon Energy declared that its board has approved a stock buyback plan on Wednesday, March 7th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the energy company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Thursday, June 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 1.00%. Devon Energy’s payout ratio is 9.06%.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. EnCap Energy Capital Fund IX L.P. acquired a new position in Devon Energy during the 4th quarter valued at about $488,237,000. Geode Capital Management LLC lifted its stake in shares of Devon Energy by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 6,428,838 shares of the energy company’s stock worth $265,669,000 after acquiring an additional 97,478 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Devon Energy by 12.0% in the 4th quarter. Victory Capital Management Inc. now owns 6,238,204 shares of the energy company’s stock worth $258,262,000 after acquiring an additional 667,482 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in shares of Devon Energy by 16.2% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,202,360 shares of the energy company’s stock worth $256,778,000 after acquiring an additional 862,460 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Devon Energy by 1.8% in the 4th quarter. Bank of New York Mellon Corp now owns 5,779,373 shares of the energy company’s stock worth $239,266,000 after acquiring an additional 102,768 shares during the period. 82.22% of the stock is owned by institutional investors and hedge funds.
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About Devon Energy
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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