Devon Energy Corporation (NYSE:DVN) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Devon Energy Corporation (NYSE:DVN) have received an average rating of “Moderate Buy” from the thirty-one brokerages that are currently covering the company, Marketbeat reports. Six analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and four have assigned a strong buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $55.5926.

A number of research analysts have issued reports on DVN shares. Mizuho lifted their price objective on Devon Energy from $51.00 to $62.00 and gave the company an “outperform” rating in a report on Tuesday, March 17th. Susquehanna raised their price objective on shares of Devon Energy from $52.00 to $57.00 and gave the stock a “positive” rating in a report on Tuesday, April 21st. Argus lifted their target price on shares of Devon Energy from $41.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Wells Fargo & Company reissued an “overweight” rating and issued a $66.00 target price on shares of Devon Energy in a report on Monday, April 20th. Finally, Royal Bank Of Canada increased their price target on Devon Energy from $46.00 to $59.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 8th.

Devon Energy Stock Down 0.0%

NYSE DVN opened at $45.60 on Monday. Devon Energy has a 1-year low of $30.24 and a 1-year high of $52.71. The company has a market capitalization of $28.34 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 0.70 and a beta of 0.43. The stock’s 50 day moving average is $47.32 and its two-hundred day moving average is $40.82. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.Devon Energy’s quarterly revenue was down 14.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.82 EPS. Equities analysts forecast that Devon Energy will post 5.66 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.32 per share. The ex-dividend date is Monday, June 15th. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. Devon Energy’s dividend payout ratio (DPR) is currently 26.74%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Woodline Partners LP lifted its position in shares of Devon Energy by 98.8% during the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after purchasing an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Devon Energy in the second quarter valued at approximately $403,000. Jump Financial LLC raised its position in Devon Energy by 58.8% in the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after purchasing an additional 10,464 shares during the last quarter. Daiwa Securities Group Inc. raised its position in Devon Energy by 17.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after purchasing an additional 22,482 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in Devon Energy by 6.0% during the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after buying an additional 8,127 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Key Devon Energy News

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Devon completed its merger with Coterra Energy, creating a larger shale operator with a stronger asset base and a continued NYSE listing under DVN. Article: Devon Energy and Coterra Energy Complete Merger
• Positive Sentiment: The board approved an $8 billion share buyback plan, boosting shareholder returns and suggesting management sees the stock as attractive at current levels. Article: Shale producer Devon Energy approves $8 billion share buyback plan
• Positive Sentiment: Devon raised its quarterly dividend to $0.32 per share from $0.24, a meaningful increase that should appeal to income-focused investors. Article: Devon Energy Corp. stock outperforms competitors despite losses on the day
• Neutral Sentiment: The combined company will be headquartered in Houston while maintaining a significant presence in Oklahoma City, with operations continuing under the Devon name and ticker. Article: Devon Energy completes $58bn merger with Coterra Energy
• Neutral Sentiment: Devon’s latest quarterly results were mixed, with earnings slightly below expectations and revenue below forecasts, which may temper enthusiasm despite the merger and capital-return news.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.