Devon Energy (NYSE:DVN) Stock Gets Price Target Reduction from Susquehanna

Devon Energy (NYSE:DVN) had its price target decreased by Susquehanna from $63.00 to $60.00 in a report released on Monday,Benzinga reports. Susquehanna currently has a positive rating on the energy company’s stock.

A number of other research firms have also recently weighed in on DVN. Scotiabank assumed coverage on shares of Devon Energy in a research report on Wednesday, October 14th. They set a “sector outperform” rating and a $61.00 price objective for the company. JPMorgan Chase & Co. lifted their target price on shares of Devon Energy from $60.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, October 2nd. Wells Fargo & Company dropped their target price on shares of Devon Energy from $65.00 to $64.00 and set an “overweight” rating on the stock in a research report on Monday, September 28th. Truist Financial cut their target price on shares of Devon Energy from $65.00 to $61.00 and set a “buy” rating for the company in a research note on Wednesday, October 7th. Finally, Wall Street Zen upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday, October 3rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $60.49.

Devon Energy Trading Up 3.6%

Shares of DVN stock opened at $44.95 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.70 and a quick ratio of 0.65. The company has a market cap of $51.24 billion, a price-to-earnings ratio of 11.24, a PEG ratio of 1.11 and a beta of 0.43. The stock has a 50 day simple moving average of $48.36 and a 200-day simple moving average of $46.12. Devon Energy has a 1-year low of $34.23 and a 1-year high of $52.71.

Devon Energy (NYSE:DVN) last announced its earnings results on Thursday, November 5th. The energy company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.09. Devon Energy had a return on equity of 14.86% and a net margin of 16.22%. The firm had revenue of $6.86 billion for the quarter, compared to analyst estimates of $6.57 billion. During the same quarter last year, the firm posted $1.04 EPS. The business’s revenue was up 66.5% on a year-over-year basis. On average, equities research analysts expect that Devon Energy will post 5.57 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 30th. Investors of record on Tuesday, December 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, December 15th. Devon Energy’s payout ratio is presently 32.00%.

Insider Buying and Selling at Devon Energy

In other news, CEO Clay M. Gaspar acquired 3,913 shares of the firm’s stock in a transaction on Monday, September 14th. The shares were bought at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the acquisition, the chief executive officer owned 619,152 shares of the company’s stock, valued at approximately $31,626,284.16. This trade represents a 0.64% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of Devon Energy stock in a transaction on Monday, September 14th. The stock was sold at an average price of $50.95, for a total transaction of $344,218.20. Following the sale, the executive vice president directly owned 72,720 shares in the company, valued at approximately $3,705,084. This trade represents a 8.50% decrease in their position. The SEC filing for this sale provides additional information. 4.58% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently modified their holdings of the business. Sigma Planning Corp lifted its stake in shares of Devon Energy by 3.5% in the second quarter. Sigma Planning Corp now owns 6,902 shares of the energy company’s stock worth $285,000 after buying an additional 233 shares in the last quarter. Retirement Planning Group LLC grew its stake in Devon Energy by 4.5% during the 2nd quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company’s stock valued at $233,000 after acquiring an additional 243 shares in the last quarter. JFS Wealth Advisors LLC raised its holdings in Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after acquiring an additional 245 shares during the last quarter. Physician Wealth Advisors Inc. raised its holdings in Devon Energy by 32.4% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 1,062 shares of the energy company’s stock valued at $49,000 after acquiring an additional 260 shares during the last quarter. Finally, 71 West Capital Partners raised its holdings in Devon Energy by 2.5% in the 3rd quarter. 71 West Capital Partners now owns 11,004 shares of the energy company’s stock valued at $507,000 after acquiring an additional 268 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

About Devon Energy

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market. Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins. The company’s portfolio has evolved through acquisitions and asset sales over its history.