Devon Energy (NYSE:DVN) Price Target Raised to $65.00

Devon Energy (NYSE:DVN) had its price objective increased by BMO Capital Markets from $60.00 to $65.00 in a report released on Wednesday,MarketScreener reports. They currently have an outperform rating on the energy company’s stock.

Other equities analysts have also recently issued research reports about the stock. Mizuho increased their price objective on shares of Devon Energy from $51.00 to $62.00 and gave the company an “outperform” rating in a research note on Tuesday, March 17th. Wells Fargo & Company restated an “overweight” rating and issued a $66.00 price objective on shares of Devon Energy in a research note on Monday, April 20th. Capital One Financial dropped their price objective on shares of Devon Energy from $64.00 to $63.00 and set an “overweight” rating for the company in a research note on Tuesday, April 14th. Benchmark restated a “buy” rating on shares of Devon Energy in a research note on Friday, January 16th. Finally, Argus increased their price objective on shares of Devon Energy from $41.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Four research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $56.41.

Devon Energy Price Performance

NYSE:DVN opened at $49.55 on Wednesday. The stock has a market cap of $30.79 billion, a P/E ratio of 13.80, a PEG ratio of 0.76 and a beta of 0.43. Devon Energy has a one year low of $30.24 and a one year high of $52.71. The company has a fifty day moving average price of $47.75 and a 200 day moving average price of $41.38. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the previous year, the company earned $0.82 earnings per share. Devon Energy’s revenue for the quarter was down 14.5% compared to the same quarter last year. Analysts anticipate that Devon Energy will post 5.39 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $0.32 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.6%. Devon Energy’s payout ratio is 26.74%.

Insider Activity

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the transaction, the executive vice president owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction 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 $6,162,793.40. This trade represents a 15.72% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.71% of the stock is currently owned by company insiders.

Institutional Trading of Devon Energy

A number of hedge funds have recently modified their holdings of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Devon Energy in the 4th quarter valued at approximately $25,000. First Horizon Corp acquired a new stake in Devon Energy during the 3rd quarter worth approximately $26,000. Accredited Wealth Management LLC raised its holdings in Devon Energy by 61.6% during the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after buying an additional 308 shares during the period. Ameriflex Group Inc. raised its holdings in Devon Energy by 702.0% during the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock worth $28,000 after buying an additional 702 shares during the period. Finally, MV Capital Management Inc. acquired a new stake in Devon Energy during the 4th quarter worth approximately $29,000. 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.