Analysts Set Devon Energy Corporation (NYSE:DVN) PT at $59.72

Devon Energy Corporation (NYSE:DVN) has earned a consensus rating of “Moderate Buy” from the thirty ratings firms that are presently covering the stock, Marketbeat Ratings reports. Five analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $59.1540.

Several research firms have recently weighed in on DVN. Argus restated a “buy” rating and issued a $45.85 price target on shares of Devon Energy in a research note on Monday. JPMorgan Chase & Co. dropped their price target on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 8th. The Goldman Sachs Group lowered their price objective on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Wolfe Research set a $67.00 target price on shares of Devon Energy and gave the stock an “outperform” rating in a report on Monday, June 22nd. Finally, Evercore raised shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price objective for the company in a report on Wednesday, June 10th.

Insider Activity

In related news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.58% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in DVN. BlackRock Inc. increased its position in shares of Devon Energy by 57.6% during the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after purchasing an additional 34,871,366 shares in the last quarter. State Street Corp raised its stake in shares of Devon Energy by 0.6% in the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock worth $1,301,914,000 after purchasing an additional 212,074 shares during the last quarter. Geode Capital Management LLC raised its position in Devon Energy by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after buying an additional 186,743 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Devon Energy by 17.5% during the fourth quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock worth $509,779,000 after purchasing an additional 2,071,021 shares during the last quarter. Finally, Bank of America Corp DE acquired a new position in shares of Devon Energy in the 2nd quarter valued at about $421,226,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Trading Up 0.6%

NYSE DVN opened at $47.84 on Wednesday. The stock has a 50 day simple moving average of $43.52 and a two-hundred day simple moving average of $45.30. Devon Energy has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The stock has a market cap of $52.63 billion, a P/E ratio of 11.36 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same period last year, the business posted $0.84 earnings per share. Devon Energy’s quarterly revenue was up 73.1% compared to the same quarter last year. On average, analysts forecast that Devon Energy will post 4.99 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. Devon Energy’s payout ratio is 30.40%.

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.