An issue of Devon Energy Corp (NYSE:DVN) debt rose 1% against its face value during trading on Friday after Morgan Stanley lowered their price target on the stock from $46.00 to $45.00. The high-yield issue of debt has a 5% coupon and will mature on June 15, 2045. The bonds in the issue are now trading at $102.11 and were trading at $101.46 last week. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its stock price.

A number of other equities research analysts also recently issued reports on the stock. Johnson Rice upgraded shares of Devon Energy from an “accumulate” rating to a “buy” rating in a research note on Wednesday. Jefferies Financial Group set a $52.00 price objective on shares of Devon Energy and gave the stock a “buy” rating in a research note on Friday, August 10th. ValuEngine downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, August 8th. BMO Capital Markets reiterated a “buy” rating and set a $50.00 price objective on shares of Devon Energy in a research note on Tuesday, August 7th. Finally, 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 research note on Monday, August 6th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-one have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $49.27.

In related news, Director John E. Bethancourt bought 12,000 shares of the company’s stock in a transaction dated Thursday, June 7th. The stock was purchased at an average price of $41.90 per share, with a total value of $502,800.00. Following the completion of the acquisition, the director now owns 56,469 shares of the company’s stock, valued at $2,366,051.10. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Lyndon C. Taylor sold 18,357 shares of the stock in a transaction dated Monday, June 11th. The stock was sold at an average price of $42.09, for a total transaction of $772,646.13. Following the completion of the transaction, the executive vice president now directly owns 95,223 shares of the company’s stock, valued at approximately $4,007,936.07. The disclosure for this sale can be found here. 0.55% of the stock is currently owned by corporate insiders.

Hedge funds have recently bought and sold shares of the company. Jackson Grant Investment Advisers Inc. bought a new position in Devon Energy in the 2nd quarter valued at approximately $112,000. Financial Architects Inc raised its holdings in Devon Energy by 168.5% in the 2nd quarter. Financial Architects Inc now owns 2,709 shares of the energy company’s stock valued at $119,000 after buying an additional 1,700 shares during the last quarter. Bristol John W & Co. Inc. NY bought a new position in Devon Energy in the 1st quarter valued at approximately $103,000. Penserra Capital Management LLC bought a new position in Devon Energy in the 1st quarter valued at approximately $125,000. Finally, SNS Financial Group LLC bought a new position in Devon Energy in the 2nd quarter valued at approximately $201,000. 84.84% of the stock is owned by hedge funds and other institutional investors.

The firm has a market cap of $21.80 billion, a PE ratio of 64.25, a P/E/G ratio of 3.73 and a beta of 2.18. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, July 31st. The energy company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). The business had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $3.96 billion. Devon Energy had a negative net margin of 1.60% and a positive return on equity of 5.52%. During the same quarter last year, the business earned $0.80 EPS. equities analysts expect that Devon Energy Corp will post 1.64 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be issued a $0.08 dividend. The ex-dividend date is Thursday, September 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.79%. Devon Energy’s dividend payout ratio (DPR) is presently 50.79%.

Devon Energy declared that its Board of Directors has initiated a share repurchase plan on Tuesday, May 1st that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the energy company to buy up to 5.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

About Devon Energy (NYSE:DVN)

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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