Devon Energy (NYSE:DVN) Upgraded by StockNews.com to “Buy”

StockNews.com upgraded shares of Devon Energy (NYSE:DVN) from a hold rating to a buy rating in a report published on Tuesday.

DVN has been the topic of a number of other research reports. Truist Financial cut their price target on shares of Devon Energy from $69.00 to $67.00 and set a buy rating on the stock in a research note on Friday, May 3rd. Scotiabank increased their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a sector outperform rating in a research report on Thursday, April 11th. Susquehanna raised their price objective on shares of Devon Energy from $52.00 to $65.00 and gave the stock a positive rating in a research report on Monday, April 22nd. Royal Bank of Canada lifted their price target on shares of Devon Energy from $55.00 to $57.00 and gave the company a sector perform rating in a research report on Thursday, May 9th. Finally, Barclays initiated coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They issued an equal weight rating and a $59.00 price objective for the company. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $59.24.

Devon Energy Price Performance

Devon Energy stock opened at $45.65 on Tuesday. The company has a market cap of $28.85 billion, a price-to-earnings ratio of 8.71 and a beta of 2.08. The firm’s fifty day moving average is $49.86 and its 200 day moving average is $46.77. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy has a 52-week low of $40.47 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the prior year, the company earned $1.46 EPS. The company’s revenue was down 5.9% compared to the same quarter last year. Sell-side analysts forecast 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. Stockholders 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 dividend yield of 1.93%. Devon Energy’s payout ratio is 16.79%.

Insider Activity

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 transaction, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Devon Energy

Institutional investors have recently bought and sold shares of the company. Manchester Capital Management LLC acquired a new position in Devon Energy in the 4th quarter valued at $28,000. Tradewinds Capital Management LLC purchased a new stake in shares of Devon Energy during the 1st quarter worth $30,000. Sound Income Strategies LLC boosted its position in shares of Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after buying an additional 255 shares in the last quarter. Rise Advisors LLC boosted its position in shares of Devon Energy by 1,365.3% in the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after buying an additional 669 shares in the last quarter. Finally, Jones Financial Companies Lllp boosted its position in shares of Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after buying an additional 374 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

About Devon Energy

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.