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

Devon Energy Co. (NYSE:DVN) has earned a consensus recommendation of “Moderate Buy” from the seventeen ratings firms that are currently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a hold recommendation and thirteen have issued a buy recommendation on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $59.24.

DVN has been the subject of several recent analyst reports. Bank of America reaffirmed a “buy” rating and issued a $64.00 target price on shares of Devon Energy in a report on Friday, June 14th. Piper Sandler boosted their target price on shares of Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, May 14th. Truist Financial dropped their price target 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. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Finally, StockNews.com upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Tuesday, June 18th.

Devon Energy Stock Up 0.6 %

DVN opened at $47.02 on Friday. The company has a 50 day moving average of $48.82 and a 200 day moving average of $46.87. The company has a market cap of $29.71 billion, a PE ratio of 8.97, a price-to-earnings-growth ratio of 1.25 and a beta of 2.08. Devon Energy has a 12 month low of $40.47 and a 12 month high of $55.09. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm’s revenue was down 5.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.46 EPS. On average, sell-side analysts expect that Devon Energy will post 5.27 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend is Friday, June 14th. Devon Energy’s dividend payout ratio is presently 16.79%.

Insider Activity at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was 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 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 is available through this hyperlink. 0.73% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Devon Energy

Large investors have recently modified their holdings of the stock. Acadian Asset Management LLC raised its position in Devon Energy by 66.9% in the third quarter. Acadian Asset Management LLC now owns 15,508 shares of the energy company’s stock worth $738,000 after acquiring an additional 6,215 shares in the last quarter. Natixis Advisors L.P. increased its position in shares of Devon Energy by 18.1% in the third quarter. Natixis Advisors L.P. now owns 167,612 shares of the energy company’s stock valued at $7,995,000 after buying an additional 25,742 shares in the last quarter. Treasurer of the State of North Carolina increased its position in shares of Devon Energy by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 302,806 shares of the energy company’s stock valued at $14,444,000 after buying an additional 1,502 shares in the last quarter. Tower Research Capital LLC TRC increased its position in Devon Energy by 62.2% during the 3rd quarter. Tower Research Capital LLC TRC now owns 30,608 shares of the energy company’s stock worth $1,460,000 after purchasing an additional 11,742 shares in the last quarter. Finally, Bank of Nova Scotia increased its position in Devon Energy by 1,461.2% during the 3rd quarter. Bank of Nova Scotia now owns 741,685 shares of the energy company’s stock worth $35,378,000 after purchasing an additional 694,179 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.