Devon Energy Corporation (NYSE:DVN) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Devon Energy Corporation (NYSE:DVN) have been given an average rating of “Moderate Buy” by the thirty brokerages that are currently covering the firm, Marketbeat reports. Five analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $59.56.

DVN has been the subject of a number of research analyst reports. Citigroup upped their target price on shares of Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, May 20th. Sanford C. Bernstein boosted their price target on Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Raymond James Financial cut their price target on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a report on Thursday, July 16th. Morgan Stanley reduced their price objective on Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, June 26th. Finally, Truist Financial decreased their price objective on Devon Energy from $66.00 to $61.00 and set a “buy” rating for the company in a report on Thursday, July 9th.

Devon Energy Stock Down 0.5%

Devon Energy stock opened at $45.05 on Friday. The company has a 50 day moving average of $44.09 and a 200-day moving average of $44.34. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. Devon Energy has a twelve month low of $31.47 and a twelve month high of $52.71. The stock has a market capitalization of $28.00 billion, a PE ratio of 12.55 and a beta of 0.38.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company’s revenue was down 14.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.82 earnings per share. On average, equities research analysts anticipate that Devon Energy will post 4.64 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a dividend of $0.32 per share. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. Devon Energy’s payout ratio is currently 35.65%.

Insider Transactions at Devon Energy

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the transaction, the executive vice president directly owned 428,452 shares of the company’s stock, valued at $19,991,570.32. This trade represents a 14.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 112,371 shares of company stock valued at $5,258,059 in the last ninety days. 4.58% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Devon Energy in the 4th quarter valued at about $25,000. JFS Wealth Advisors LLC raised its holdings in Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after acquiring an additional 245 shares in the last quarter. MV Capital Management Inc. bought a new stake in Devon Energy during the fourth quarter worth about $29,000. KERR FINANCIAL PLANNING Corp acquired a new position in Devon Energy during the second quarter valued at approximately $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new position in Devon Energy during the fourth quarter valued at approximately $29,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

About Devon Energy

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.