Macquarie Analysts Give Devon Energy (DVN) a $40.00 Price Target

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Macquarie set a $40.00 target price on Devon Energy (NYSE:DVN) in a report issued on Thursday, TipRanks reports. The firm currently has a buy rating on the energy company’s stock.

Several other brokerages have also recently commented on DVN. ValuEngine upgraded Devon Energy from a sell rating to a hold rating in a research report on Friday, February 22nd. Zacks Investment Research upgraded Devon Energy from a hold rating to a buy rating and set a $36.00 target price for the company in a report on Monday, April 1st. Barclays cut Devon Energy from an overweight rating to an equal weight rating and dropped their target price for the company from $42.00 to $33.00 in a report on Wednesday, January 16th. Royal Bank of Canada cut Devon Energy from an outperform rating to a sector perform rating and dropped their target price for the company from $39.00 to $38.00 in a report on Friday, March 1st. Finally, TheStreet upgraded Devon Energy from a d+ rating to a c+ rating in a report on Tuesday, February 19th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and fourteen have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $45.29.

Shares of DVN traded up $0.30 during trading hours on Thursday, hitting $31.22. 372,701 shares of the stock were exchanged, compared to its average volume of 7,868,244. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.99 and a current ratio of 1.99. Devon Energy has a 12-month low of $20.37 and a 12-month high of $46.54. The stock has a market capitalization of $13.19 billion, a price-to-earnings ratio of 24.23, a PEG ratio of 0.96 and a beta of 2.24.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, April 30th. The energy company reported $0.36 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.06. Devon Energy had a return on equity of 6.69% and a net margin of 29.33%. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $2.52 billion. During the same period in the previous year, the business earned $0.20 earnings per share. On average, analysts predict that Devon Energy will post 2.09 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.09 per share. The ex-dividend date of this dividend is Thursday, June 13th. This is a boost from Devon Energy’s previous quarterly dividend of $0.08. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.15%. Devon Energy’s dividend payout ratio is currently 24.81%.

In other Devon Energy news, Director Robert H. Henry purchased 11,651 shares of the stock in a transaction dated Wednesday, February 27th. The stock was acquired at an average cost of $30.01 per share, for a total transaction of $349,646.51. Following the acquisition, the director now owns 21,355 shares in the company, valued at approximately $640,863.55. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.55% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Winslow Evans & Crocker Inc. acquired a new position in Devon Energy during the 4th quarter worth about $26,000. Lindbrook Capital LLC acquired a new stake in Devon Energy in the 4th quarter valued at about $26,000. Meeder Asset Management Inc. raised its position in Devon Energy by 94.6% in the 1st quarter. Meeder Asset Management Inc. now owns 823 shares of the energy company’s stock valued at $26,000 after purchasing an additional 400 shares in the last quarter. Duncker Streett & Co. Inc. raised its position in Devon Energy by 40.5% in the 4th quarter. Duncker Streett & Co. Inc. now owns 1,600 shares of the energy company’s stock valued at $36,000 after purchasing an additional 461 shares in the last quarter. Finally, Lavaca Capital LLC raised its position in Devon Energy by 566.0% in the 1st quarter. Lavaca Capital LLC now owns 1,332 shares of the energy company’s stock valued at $42,000 after purchasing an additional 1,132 shares in the last quarter. 87.36% of the stock is currently owned by hedge funds and other 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 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Analyst Recommendations for Devon Energy (NYSE:DVN)

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