Devon Energy (NYSE:DVN) Stock Gets Price Target Cut from UBS Group

Devon Energy (NYSE:DVN) had its price target decreased by UBS Group from $65.00 to $62.00 in a report published on Tuesday,Benzinga reports. UBS Group currently has a buy rating on the energy company’s stock.

Other research analysts have also issued reports about the company. JPMorgan Chase & Co. raised their price target on Devon Energy from $65.00 to $68.00 and gave the company an “overweight” rating in a report on Monday. Scotiabank started coverage on shares of Devon Energy in a report on Wednesday, October 14th. They issued a “sector outperform” rating and a $61.00 price objective for the company. Wall Street Zen raised shares of Devon Energy from a “hold” rating to a “buy” rating in a report on Saturday, October 3rd. Seaport Research Partners began coverage on shares of Devon Energy in a research report on Thursday, September 3rd. They issued a “buy” rating and a $65.00 target price for the company. Finally, Stifel Nicolaus started coverage on shares of Devon Energy in a research note on Thursday, September 10th. They set a “buy” rating and a $61.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $59.92.

Devon Energy Stock Performance

Shares of DVN stock opened at $46.19 on Tuesday. Devon Energy has a 12-month low of $34.23 and a 12-month high of $52.71. The firm has a market capitalization of $52.64 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 1.01 and a beta of 0.43. The business has a 50 day simple moving average of $48.30 and a 200 day simple moving average of $46.16. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.70 and a quick ratio of 0.65.

Devon Energy (NYSE:DVN) last posted its earnings results on Thursday, November 5th. The energy company reported $1.42 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $6.57 billion. During the same period last year, the firm earned $1.04 EPS. The firm’s revenue was up 66.5% compared to the same quarter last year. On average, equities research analysts anticipate that Devon Energy will post 5.56 EPS for the current year.

Devon Energy Announces Dividend

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

Insider Buying and Selling at Devon Energy

In other news, 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 transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Clay Gaspar acquired 3,913 shares of the company’s stock in a transaction dated Monday, September 14th. The stock was purchased at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the purchase, the chief executive officer directly owned 619,152 shares in the company, valued at approximately $31,626,284.16. This represents a 0.64% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 4.58% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP boosted its position in shares of Devon Energy by 418.3% during the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock valued at $2,128,905,000 after purchasing an additional 41,581,435 shares in the last quarter. BlackRock Inc. grew its stake in shares of Devon Energy by 57.6% in the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after purchasing an additional 34,871,366 shares during the last quarter. State Street Corp raised its holdings in shares of Devon Energy by 89.8% in the 2nd quarter. State Street Corp now owns 73,179,266 shares of the energy company’s stock worth $3,023,767,000 after purchasing an additional 34,615,088 shares in the last quarter. Bank of America Corp DE bought a new stake in shares of Devon Energy in the 2nd quarter worth approximately $421,226,000. Finally, GQG Partners LLC acquired a new stake in Devon Energy during the second quarter valued at approximately $402,558,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Company Profile

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.