Devon Energy Co. (NYSE:DVN) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Devon Energy Co. (NYSE:DVN) have received an average rating of “Moderate Buy” from the nineteen brokerages that are covering the company, Marketbeat reports. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $59.13.

Several research firms recently commented on DVN. Susquehanna reiterated a “positive” rating and issued a $65.00 price target on shares of Devon Energy in a research report on Tuesday, July 9th. JPMorgan Chase & Co. upped their target price on shares of Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, July 8th. Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research note on Tuesday, July 9th. Piper Sandler boosted their price target on Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, May 14th. Finally, Wolfe Research assumed coverage on Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating for the company.

Insider Activity

In related news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.73% of the company’s stock.

Institutional Trading of Devon Energy

Institutional investors have recently bought and sold shares of the company. Triad Wealth Partners LLC purchased a new stake in shares of Devon Energy in the 2nd quarter worth about $27,000. Tradewinds Capital Management LLC acquired a new position in Devon Energy during the first quarter worth about $30,000. Manchester Capital Management LLC purchased a new stake in shares of Devon Energy in the fourth quarter valued at about $28,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Devon Energy in the second quarter valued at approximately $34,000. Finally, Jones Financial Companies Lllp increased its stake in shares of Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after purchasing an additional 374 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Shares of DVN stock opened at $45.69 on Tuesday. The stock’s 50-day moving average is $47.10 and its two-hundred day moving average is $47.16. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09. The firm has a market cap of $28.88 billion, a price-to-earnings ratio of 8.72, a PEG ratio of 0.77 and a beta of 2.07.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) 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 firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter last year, the business posted $1.46 EPS. The firm’s quarterly revenue was down 5.9% compared to the same quarter last year. Analysts predict that Devon Energy will post 5.4 earnings per share for the current year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.93%. Devon Energy’s payout ratio is currently 16.79%.

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.