Devon Energy (DVN) Given a $31.00 Price Target at Mizuho

Mizuho set a $31.00 price target on Devon Energy (NYSE:DVN) in a research report released on Wednesday. The firm currently has a hold rating on the energy company’s stock.

Other analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of Devon Energy from a hold rating to a buy rating and set a $41.00 price objective on the stock in a report on Tuesday, October 16th. KLR Group reiterated a buy rating and issued a $60.00 price objective on shares of Devon Energy in a report on Monday, August 20th. BMO Capital Markets reiterated a buy rating and issued a $50.00 price objective on shares of Devon Energy in a report on Tuesday, August 7th. UBS Group upgraded shares of Devon Energy from a neutral rating to a buy rating and set a $53.00 price objective on the stock in a report on Monday, August 6th. Finally, Johnson Rice upgraded shares of Devon Energy from an accumulate rating to a buy rating in a report on Wednesday, August 15th. Nine investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Devon Energy has an average rating of Buy and an average target price of $47.95.

NYSE DVN opened at $27.03 on Wednesday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.48 and a current ratio of 1.48. Devon Energy has a 12-month low of $25.87 and a 12-month high of $46.54. The company has a market capitalization of $12.66 billion, a PE ratio of 42.90, a price-to-earnings-growth ratio of 1.38 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 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.21. Devon Energy had a net margin of 16.62% and a return on equity of 6.40%. The company had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.61 billion. During the same period last year, the company earned $0.46 earnings per share. The firm’s revenue was up 33.4% compared to the same quarter last year. On average, analysts predict that Devon Energy will post 1.57 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.32 dividend on an annualized basis and a yield of 1.18%. Devon Energy’s payout ratio is 50.79%.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Cornerstone Wealth Management LLC acquired a new position in shares of Devon Energy in the second quarter valued at $1,288,000. Alps Advisors Inc. bought a new stake in shares of Devon Energy in the second quarter valued at about $605,000. Piedmont Investment Advisors LLC bought a new stake in shares of Devon Energy in the second quarter valued at about $270,000. Dupont Capital Management Corp boosted its position in shares of Devon Energy by 37.6% in the second quarter. Dupont Capital Management Corp now owns 6,413 shares of the energy company’s stock valued at $282,000 after acquiring an additional 1,753 shares during the period. Finally, Daiwa Securities Group Inc. boosted its position in shares of Devon Energy by 18.2% in the second quarter. Daiwa Securities Group Inc. now owns 18,608 shares of the energy company’s stock valued at $818,000 after acquiring an additional 2,868 shares during the period. Institutional investors and hedge funds own 86.64% of the company’s stock.

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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