Devon Energy (NYSE:DVN – Free Report) had its price objective decreased by JPMorgan Chase & Co. from $62.00 to $55.00 in a research note published on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the energy company’s stock.
Several other research analysts have also issued reports on DVN. Barclays raised their target price on Devon Energy from $54.00 to $62.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Mizuho increased their price target on Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Scotiabank boosted their price objective on Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 target price on the stock in a report on Wednesday, June 10th. Finally, Zacks Research lowered shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $59.56.
Devon Energy Stock Up 0.4%
Devon Energy (NYSE:DVN – Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company’s revenue was down 14.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.82 earnings per share. On average, research analysts anticipate that Devon Energy will post 4.78 earnings per share for the current year.
Devon Energy Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 3.0%. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, June 15th. Devon Energy’s dividend payout ratio is currently 35.65%.
Insider Buying and Selling at Devon Energy
In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the company’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 completion of the sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the transaction, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 112,371 shares of company stock worth $5,258,059. Corporate insiders own 4.58% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of DVN. State Street Corp increased its position in shares of Devon Energy by 0.6% during the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock valued at $1,301,914,000 after purchasing an additional 212,074 shares during the last quarter. Geode Capital Management LLC grew its position in Devon Energy by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock valued at $700,238,000 after buying an additional 186,743 shares during the period. Victory Capital Management Inc. increased its holdings in 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 buying an additional 2,071,021 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Devon Energy by 2.5% during the first quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock worth $483,475,000 after buying an additional 235,561 shares during the last quarter. Finally, Kimmeridge Energy Management Company LLC raised its position in Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after acquiring an additional 3,195,862 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.
Key Devon Energy News
Here are the key news stories impacting Devon Energy this week:
- Positive Sentiment: Analysts have recently lifted earnings expectations for Devon Energy ahead of its August 4 earnings report, with revisions pointing to year-over-year growth in both earnings and revenue. That kind of estimate momentum can support the stock if investors start focusing more on improving fundamentals than on short-term sector swings. What Devon Energy (DVN)’s Upgraded Earnings Expectations and Estimate Revisions Mean For Shareholders
- Positive Sentiment: Several recent pieces argue Devon Energy still looks reasonably priced, with one analysis calling the stock undervalued after its Coterra notes exchange and another noting the shares still appear cheap relative to earnings and long-term performance. That valuation argument can attract buyers looking for value in energy names. Devon Energy (DVN) Could Be 31% Undervalued On Its Coterra Notes Exchange Devon Energy (DVN) Stock Still Looks Reasonable As Cease Fire Hits Oil
- Neutral Sentiment: RBC Capital initiated coverage with a Hold rating, signaling a wait-and-see stance rather than a strong bullish or bearish call. Devon Energy (DVN) Gets a Hold from RBC Capital
- Neutral Sentiment: Devon also got a lower price target from Truist and JPMorgan, but both firms still appear constructive overall, with Truist keeping a Buy rating. These moves may cap enthusiasm, but they do not signal a major thesis break. Devon Energy (NYSE:DVN) Price Target Cut to $61.00 by Analysts at Truist Financial Devon Energy (NYSE:DVN) Price Target Lowered to $55.00 at JPMorgan Chase & Co.
- Negative Sentiment: Activist investor Kimmeridge criticized Devon’s pace of asset sales after the Coterra transaction, saying the divestment effort is moving too slowly. That kind of public pushback can pressure sentiment if investors worry management is not unlocking value fast enough. Kimmeridge sees Devon Energy’s asset sale effort after Coterra deal as too slow – Bloomberg
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.
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