Devon Energy Co. (NYSE:DVN – Get Rating) has received an average recommendation of “Moderate Buy” from the twenty ratings firms that are currently covering the firm, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $76.63.
Several equities analysts have issued reports on DVN shares. Raymond James increased their price objective on shares of Devon Energy from $90.00 to $102.00 in a report on Thursday, June 9th. Morgan Stanley increased their target price on shares of Devon Energy from $54.00 to $68.00 and gave the company an “equal weight” rating in a research report on Friday, April 22nd. Susquehanna increased their target price on shares of Devon Energy from $62.00 to $73.00 in a research report on Monday, April 25th. Truist Financial increased their target price on shares of Devon Energy from $100.00 to $103.00 and gave the company a “buy” rating in a research report on Thursday, June 9th. Finally, Mizuho raised their price objective on shares of Devon Energy from $92.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, June 10th.
NYSE:DVN opened at $55.11 on Monday. The stock has a market capitalization of $36.37 billion, a PE ratio of 10.34 and a beta of 2.61. Devon Energy has a 52 week low of $24.05 and a 52 week high of $79.40. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.69. The stock’s 50-day moving average price is $66.37 and its 200-day moving average price is $58.35.
Devon Energy (NYSE:DVN – Get Rating) last announced its earnings results on Monday, May 2nd. The energy company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.14. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.02 billion. Devon Energy had a return on equity of 36.57% and a net margin of 25.69%. During the same quarter last year, the firm posted $0.45 EPS. Sell-side analysts expect that Devon Energy will post 9.1 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Monday, June 13th were issued a dividend of $1.27 per share. The ex-dividend date was Friday, June 10th. This represents a $5.08 dividend on an annualized basis and a yield of 9.22%. This is a boost from Devon Energy’s previous quarterly dividend of $1.00. Devon Energy’s dividend payout ratio (DPR) is presently 95.31%.
Devon Energy declared that its board has initiated a share repurchase program on Monday, May 2nd that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the energy company to buy up to 4.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
In other news, Director Ann G. Fox sold 2,150 shares of the stock in a transaction dated Monday, June 13th. The shares were sold at an average price of $70.27, for a total transaction of $151,080.50. Following the completion of the sale, the director now owns 26,858 shares in the company, valued at $1,887,311.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Clay M. Gaspar sold 30,000 shares of the business’s stock in a transaction dated Wednesday, April 13th. The shares were sold at an average price of $63.75, for a total value of $1,912,500.00. Following the completion of the transaction, the chief operating officer now owns 765,202 shares in the company, valued at approximately $48,781,627.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 60,779 shares of company stock worth $4,014,932. 0.80% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Wahed Invest LLC lifted its stake in shares of Devon Energy by 2.1% in the 1st quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock worth $469,000 after acquiring an additional 161 shares during the period. Quadrant Capital Group LLC grew its holdings in Devon Energy by 2.3% during the first quarter. Quadrant Capital Group LLC now owns 7,515 shares of the energy company’s stock worth $445,000 after acquiring an additional 169 shares during the period. Trustcore Financial Services LLC raised its position in Devon Energy by 16.7% in the first quarter. Trustcore Financial Services LLC now owns 1,225 shares of the energy company’s stock worth $72,000 after acquiring an additional 175 shares in the last quarter. Private Advisor Group LLC lifted its holdings in Devon Energy by 0.3% in the first quarter. Private Advisor Group LLC now owns 56,111 shares of the energy company’s stock valued at $3,318,000 after acquiring an additional 175 shares during the period. Finally, Gotham Asset Management LLC boosted its position in shares of Devon Energy by 1.0% during the 4th quarter. Gotham Asset Management LLC now owns 18,612 shares of the energy company’s stock worth $820,000 after purchasing an additional 187 shares in the last quarter. 87.01% of the stock is currently owned by institutional investors.
About Devon Energy (Get Rating)
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. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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