Devon Energy (NYSE:DVN) Given “Positive” Rating at Susquehanna

Susquehanna reiterated their positive rating on shares of Devon Energy (NYSE:DVN) in a research report released on Tuesday morning, Benzinga reports. They currently have a $65.00 price objective on the energy company’s stock.

Several other equities research analysts have also recently commented on DVN. Scotiabank boosted their price target on shares of Devon Energy from $53.00 to $67.00 and gave the stock a sector outperform rating in a research report on Thursday, April 11th. StockNews.com upgraded shares of Devon Energy from a hold rating to a buy rating in a research report on Tuesday. Bank of America reiterated a buy rating and issued a $64.00 price target on shares of Devon Energy in a research report on Friday, June 14th. UBS Group lifted their price target on Devon Energy from $48.00 to $57.00 and gave the stock a neutral rating in a research note on Wednesday, April 10th. Finally, Citigroup lifted their price target on Devon Energy from $55.00 to $62.00 and gave the stock a buy rating in a research note on Thursday, April 11th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $59.41.

Devon Energy Price Performance

Shares of NYSE DVN opened at $46.05 on Tuesday. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The firm’s 50-day simple moving average is $48.03 and its 200 day simple moving average is $47.03. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The stock has a market cap of $29.10 billion, a P/E ratio of 8.79, a P/E/G ratio of 1.24 and a beta of 2.07.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS 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 for the quarter, compared to analysts’ expectations of $3.64 billion. During the same period in the previous year, the business earned $1.46 earnings per share. Devon Energy’s revenue for the quarter was down 5.9% compared to the same quarter last year. Equities analysts expect that Devon Energy will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, June 14th. This represents a $0.88 annualized dividend and a yield of 1.91%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Insider Buying and Selling at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the business’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 value of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in DVN. Manchester Capital Management LLC acquired a new position in shares of Devon Energy during the fourth quarter worth approximately $28,000. Tradewinds Capital Management LLC acquired a new position in shares of Devon Energy during the first quarter worth approximately $30,000. Sound Income Strategies LLC lifted its holdings in shares of Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after buying an additional 255 shares during the last quarter. Rise Advisors LLC lifted its holdings in shares of Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after buying an additional 669 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its holdings in shares of Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after buying an additional 374 shares during the last quarter. 69.72% of the stock is currently 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.