Devon Energy Corporation (NYSE:DVN) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Devon Energy Corporation (NYSE:DVN) have been given an average rating of “Moderate Buy” by the thirty-one research firms that are covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and three have given a strong buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $58.8519.

A number of research analysts recently weighed in on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Devon Energy in a report on Thursday, June 11th. Truist Financial boosted their target price on Devon Energy from $63.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Scotiabank boosted their target price on Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. Royal Bank Of Canada boosted their target price on Devon Energy from $46.00 to $59.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 8th. Finally, Argus boosted their target price on Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, June 10th.

Devon Energy Stock Down 0.4%

NYSE:DVN opened at $42.05 on Tuesday. The firm has a market capitalization of $26.13 billion, a price-to-earnings ratio of 11.71 and a beta of 0.38. Devon Energy has a twelve month low of $31.45 and a twelve month high of $52.71. The stock’s 50 day moving average price is $45.92 and its two-hundred day moving average price is $43.57. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same period last year, the firm earned $0.82 EPS. Equities research analysts expect that Devon Energy will post 4.97 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, June 15th. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is presently 35.65%.

Insider Buying and Selling

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the transaction, the executive vice president directly owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the transaction, the senior vice president directly owned 130,540 shares in the company, valued at $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is owned by insiders.

Institutional Trading of Devon Energy

Several institutional investors have recently added to or reduced their stakes in the company. State Street Corp boosted its stake in Devon Energy by 0.6% in the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock valued at $1,301,914,000 after purchasing an additional 212,074 shares during the period. Geode Capital Management LLC boosted its stake in Devon Energy by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock valued at $700,238,000 after purchasing an additional 186,743 shares during the period. Victory Capital Management Inc. boosted its stake in Devon Energy by 17.5% in the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after purchasing an additional 2,071,021 shares during the period. Dimensional Fund Advisors LP boosted its stake in Devon Energy by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock valued at $483,475,000 after purchasing an additional 235,561 shares during the period. Finally, Kimmeridge Energy Management Company LLC boosted its stake in Devon Energy by 56.5% in the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after purchasing an additional 3,195,862 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.