Analysts Set Devon Energy Co. (NYSE:DVN) Price Target at $59.24

Devon Energy Co. (NYSE:DVN) has been assigned an average recommendation of “Moderate Buy” from the seventeen analysts that are presently covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $59.24.

A number of research analysts recently weighed in on DVN shares. Scotiabank lifted their target price on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Citigroup raised their price target on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Stifel Nicolaus lifted their price target on shares of Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Truist Financial dropped their price objective on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Finally, UBS Group raised their price objective on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th.

Devon Energy Stock Up 0.8 %

Shares of NYSE:DVN opened at $47.40 on Friday. Devon Energy has a 12-month low of $40.47 and a 12-month high of $55.09. The stock’s 50-day moving average price is $48.73 and its two-hundred day moving average price is $46.93. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The firm has a market cap of $29.96 billion, a price-to-earnings ratio of 9.05, a PEG ratio of 1.25 and a beta of 2.08.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. Devon Energy’s revenue was down 5.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.46 earnings per share. On average, research analysts forecast that Devon Energy will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a dividend of $0.22 per share. The ex-dividend date was Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.86%. Devon Energy’s payout ratio is 16.79%.

Insider Transactions at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the transaction, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Creekmur Asset Management LLC bought a new position in Devon Energy in the 4th quarter worth approximately $791,000. Wahed Invest LLC grew its position in Devon Energy by 6.3% in the 4th quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock valued at $496,000 after buying an additional 648 shares in the last quarter. DekaBank Deutsche Girozentrale increased its stake in Devon Energy by 39.0% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 197,726 shares of the energy company’s stock valued at $9,008,000 after buying an additional 55,459 shares during the period. L. Roy Papp & Associates LLP bought a new stake in shares of Devon Energy during the 4th quarter worth about $287,000. Finally, Principal Securities Inc. acquired a new stake in shares of Devon Energy in the 4th quarter worth approximately $702,000. 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.