Bank of America reiterated their buy rating on shares of Devon Energy (NYSE:DVN – Free Report) in a research note published on Friday, Benzinga reports. Bank of America currently has a $64.00 price objective on the energy company’s stock.
Several other brokerages also recently commented on DVN. Citigroup increased their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the company a buy rating in a research note on Thursday, April 11th. Truist Financial cut their price objective on Devon Energy from $69.00 to $67.00 and set a buy rating on the stock in a report on Friday, May 3rd. JPMorgan Chase & Co. upped their target price on Devon Energy from $57.00 to $62.00 and gave the stock an overweight rating in a report on Monday, April 8th. Barclays started coverage on Devon Energy in a research note on Wednesday, April 10th. They set an equal weight rating and a $59.00 price target on the stock. Finally, Mizuho upped their price objective on Devon Energy from $57.00 to $61.00 and gave the company a buy rating in a research note on Monday, May 13th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $59.24.
Devon Energy Trading Down 0.5 %
Shares of DVN stock opened at $45.55 on Friday. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The stock’s fifty day moving average price is $50.17 and its two-hundred day moving average price is $46.73. 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 cap of $28.79 billion, a PE ratio of 8.69 and a beta of 2.08.
Devon Energy (NYSE:DVN – Get Free Report) last released its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.06. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. Devon Energy’s revenue was down 5.9% compared to the same quarter last year. During the same period last year, the firm posted $1.46 earnings per share. Equities analysts predict that Devon Energy will post 5.18 EPS for the current fiscal year.
Devon Energy Cuts Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a $0.22 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.93%. Devon Energy’s payout ratio is currently 16.79%.
Insider Buying and Selling at Devon Energy
In other news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction on Tuesday, May 7th. The shares were 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 owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.73% of the company’s stock.
Hedge Funds Weigh In On Devon Energy
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Salem Investment Counselors Inc. boosted its position in shares of Devon Energy by 31.4% during the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after purchasing an additional 199 shares in the last quarter. Retirement Group LLC boosted its position in shares of Devon Energy by 21.8% during the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock worth $56,000 after purchasing an additional 199 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Devon Energy by 7.4% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock worth $153,000 after purchasing an additional 209 shares in the last quarter. MCF Advisors LLC boosted its position in shares of Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after purchasing an additional 215 shares in the last quarter. Finally, Magnolia Capital Advisors LLC boosted its position in shares of Devon Energy by 1.0% during the 1st quarter. Magnolia Capital Advisors LLC now owns 23,316 shares of the energy company’s stock worth $1,208,000 after purchasing an additional 230 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.
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.
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Source: defenseworld.net
