Shares of Devon Energy Corporation (NYSE:DVN – Get Free Report) have received an average rating of “Moderate Buy” from the thirty-one analysts that are presently covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation, twenty-two have assigned a buy recommendation and four have assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $57.8519.
A number of research analysts have recently commented on DVN shares. BMO Capital Markets increased their price target on Devon Energy from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Truist Financial began coverage on Devon Energy in a research report on Tuesday, March 24th. They set a “buy” rating and a $63.00 price objective on the stock. Roth Mkm reaffirmed a “buy” rating and issued a $57.00 target price on shares of Devon Energy in a report on Tuesday, April 28th. Scotiabank increased their target price on Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Finally, Evercore initiated coverage on Devon Energy in a research note on Friday, May 15th. They set an “in-line” rating and a $54.00 price target on the stock.
Devon Energy Trading Down 0.3%
Devon Energy (NYSE:DVN – Get Free Report) last issued its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The company 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 business’s quarterly revenue was down 14.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.82 EPS. Equities research analysts forecast that Devon Energy will post 4.21 earnings per share for the current fiscal year.
Devon Energy Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.32 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. Devon Energy’s dividend payout ratio (DPR) is 26.74%.
Insider Activity at Devon Energy
In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were 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 directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the transaction, the executive vice president directly owned 428,452 shares of the company’s stock, valued at $19,991,570.32. The trade was a 14.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.71% of the stock is owned by company insiders.
Institutional Trading of Devon Energy
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in Devon Energy during the 4th quarter worth about $25,000. SouthState Bank Corp increased its stake in shares of Devon Energy by 173.6% in the first quarter. SouthState Bank Corp now owns 766 shares of the energy company’s stock valued at $39,000 after buying an additional 486 shares during the period. MV Capital Management Inc. acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $29,000. Garton & Associates Financial Advisors LLC acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $29,000. Finally, Ameriflex Group Inc. increased its stake in shares of Devon Energy by 702.0% in the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after buying an additional 702 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.
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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