Devon Energy (NYSE:DVN) Price Target Raised to $64.00

Devon Energy (NYSE:DVN) had its price target increased by JPMorgan Chase & Co. from $62.00 to $64.00 in a research report report published on Monday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the energy company’s stock.

A number of other research analysts also recently commented on DVN. Royal Bank of Canada boosted their price target on Devon Energy from $55.00 to $57.00 and gave the company a sector perform rating in a research note on Thursday, May 9th. StockNews.com downgraded Devon Energy from a buy rating to a hold rating in a research note on Monday, July 1st. Wells Fargo & Company raised Devon Energy from an equal weight rating to an overweight rating and boosted their price target for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Citigroup boosted their price target on Devon Energy from $55.00 to $62.00 and gave the company a buy rating in a research note on Thursday, April 11th. Finally, Morgan Stanley boosted their price target on Devon Energy from $49.00 to $50.00 and gave the company an overweight rating in a research note on Monday, April 15th. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $60.00.

Devon Energy Stock Up 1.1 %

DVN opened at $46.42 on Monday. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The company has a market capitalization of $29.34 billion, a P/E ratio of 8.86, a P/E/G ratio of 1.23 and a beta of 2.07. The stock has a fifty day moving average of $47.86 and a 200-day moving average of $47.01.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter last year, the firm earned $1.46 earnings per share. The company’s revenue was down 5.9% on a year-over-year basis. On average, equities analysts expect that Devon Energy will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date was Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

Insider Activity at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the sale, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.73% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently bought and sold shares of DVN. Manchester Capital Management LLC purchased a new stake in Devon Energy in the 4th quarter valued at $28,000. Tradewinds Capital Management LLC bought a new position in Devon Energy in the 1st quarter valued at $30,000. Sound Income Strategies LLC grew its stake in Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after purchasing an additional 255 shares during the period. Rise Advisors LLC grew its stake in Devon Energy by 1,365.3% in the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after purchasing an additional 669 shares during the period. Finally, Jones Financial Companies Lllp grew its stake in Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after purchasing an additional 374 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.