Devon Energy (NYSE:DVN) Lifted to Buy at StockNews.com

StockNews.com upgraded shares of Devon Energy (NYSE:DVN) from a hold rating to a buy rating in a report published on Tuesday morning.

Several other research firms have also recently issued reports on DVN. Morgan Stanley raised their target price on Devon Energy from $49.00 to $50.00 and gave the stock an overweight rating in a research note on Monday, April 15th. Stifel Nicolaus increased their target price on shares of Devon Energy from $65.00 to $66.00 and gave the stock a buy rating in a research note on Tuesday, April 23rd. Bank of America reissued a buy rating and issued a $64.00 price target on shares of Devon Energy in a research note on Friday, June 14th. Scotiabank increased their price objective 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. Finally, Barclays began coverage on Devon Energy in a research report on Wednesday, April 10th. They issued an equal weight rating and a $59.00 target price for the company. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $60.00.

Devon Energy Stock Performance

NYSE DVN opened at $46.42 on Tuesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The stock’s fifty day moving average is $47.86 and its two-hundred day moving average is $47.01. The firm has a market capitalization of $29.34 billion, a P/E ratio of 8.86, a price-to-earnings-growth ratio of 1.23 and a beta of 2.07. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last posted 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 return on equity of 29.02% and a net margin of 22.27%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the previous year, the firm earned $1.46 EPS. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. On average, research analysts anticipate that Devon Energy will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s dividend payout ratio is currently 16.79%.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the transaction, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.73% of the stock is owned by insiders.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Manchester Capital Management LLC acquired a new position in shares of Devon Energy in the fourth quarter valued at approximately $28,000. Tradewinds Capital Management LLC acquired a new stake in shares of Devon Energy in the 1st quarter worth $30,000. Sound Income Strategies LLC boosted its holdings in shares of Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after acquiring an additional 255 shares in the last quarter. Rise Advisors LLC increased its stake 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 acquiring an additional 669 shares during the period. Finally, Jones Financial Companies Lllp raised its holdings in 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 purchasing an additional 374 shares in the last quarter. Hedge funds and other 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.