Devon Energy (NYSE:DVN) Now Covered by Jefferies Financial Group

Jefferies Financial Group started coverage on shares of Devon Energy (NYSE:DVN) in a research report sent to investors on Thursday morning, Marketbeat.com reports. The brokerage issued a hold rating and a $45.00 price objective on the energy company’s stock.

DVN has been the topic of a number of other research reports. Evercore ISI lowered their price objective on Devon Energy from $55.00 to $50.00 and set an in-line rating on the stock in a research note on Monday, September 30th. Wells Fargo & Company lowered their price target on shares of Devon Energy from $55.00 to $50.00 and set an overweight rating on the stock in a research report on Tuesday, October 1st. Morgan Stanley dropped their price objective on shares of Devon Energy from $55.00 to $51.00 and set an overweight rating for the company in a report on Monday, September 16th. JPMorgan Chase & Co. reduced their target price on shares of Devon Energy from $64.00 to $51.00 and set an overweight rating on the stock in a research note on Thursday, September 12th. Finally, Sanford C. Bernstein dropped their price target on shares of Devon Energy from $48.00 to $43.00 and set a market perform rating for the company in a research note on Wednesday, July 17th. Eight investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Devon Energy currently has a consensus rating of Moderate Buy and a consensus price target of $53.79.

Devon Energy Stock Performance

NYSE:DVN opened at $42.42 on Thursday. The company has a market cap of $26.81 billion, a P/E ratio of 8.10, a P/E/G ratio of 1.22 and a beta of 2.02. Devon Energy has a twelve month low of $37.76 and a twelve month high of $55.09. The company’s 50-day moving average price is $42.66 and its 200-day moving average price is $46.83. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business’s revenue was up 13.4% on a year-over-year basis. During the same period last year, the company posted $1.18 EPS. On average, sell-side analysts forecast that Devon Energy will post 5.11 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.07%. Devon Energy’s payout ratio is presently 16.79%.

Hedge Funds Weigh In On Devon Energy

Several hedge funds have recently bought and sold shares of DVN. Triad Wealth Partners LLC acquired a new position in Devon Energy in the 2nd quarter valued at about $27,000. Tradewinds Capital Management LLC purchased a new stake in Devon Energy during the 1st quarter worth approximately $30,000. 1620 Investment Advisors Inc. acquired a new stake in Devon Energy during the 2nd quarter worth approximately $34,000. Jones Financial Companies Lllp boosted its position in Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after buying an additional 374 shares during the period. Finally, PSI Advisors LLC grew its stake in shares of Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after acquiring an additional 300 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

About Devon Energy

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.