Analysts Set Devon Energy Corporation (NYSE:DVN) Price Target at $57.85

Shares of Devon Energy Corporation (NYSE:DVN) have earned a consensus recommendation of “Moderate Buy” from the thirty-one analysts that are currently covering the company, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold recommendation, twenty-three have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $57.8889.

A number of analysts have recently weighed in on DVN shares. Citigroup raised their price objective on Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, May 20th. Truist Financial raised their price objective on Devon Energy from $63.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday. BMO Capital Markets raised their price objective on Devon Energy from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. Roth Mkm reissued a “buy” rating and issued a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, April 28th. Finally, UBS Group lowered their price target on Devon Energy from $61.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th.

Devon Energy Stock Down 0.2%

Devon Energy stock opened at $46.24 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The stock has a market capitalization of $28.73 billion, a price-to-earnings ratio of 12.88 and a beta of 0.37. Devon Energy has a 1-year low of $30.80 and a 1-year high of $52.71. The business has a fifty day moving average price of $47.91 and a 200-day moving average price of $42.51.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data 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 business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.82 EPS. Equities research analysts forecast that Devon Energy will post 4.24 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is presently 26.74%.

Insider Transactions at Devon Energy

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the sale, the executive vice president owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction dated 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 sale, the senior vice president directly owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 4.58% of the company’s stock.

Institutional Trading of Devon Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wedge Capital Management L L P NC purchased a new position in shares of Devon Energy during the 4th quarter valued at about $9,931,000. Allianz Asset Management GmbH raised its stake in shares of Devon Energy by 4.3% during the 3rd quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company’s stock valued at $29,210,000 after buying an additional 33,974 shares during the last quarter. Investors Research Corp raised its stake in shares of Devon Energy by 13,787.5% during the 4th quarter. Investors Research Corp now owns 27,775 shares of the energy company’s stock valued at $1,017,000 after buying an additional 27,575 shares during the last quarter. Philip James Wealth Mangement LLC raised its stake in shares of Devon Energy by 43.8% during the 4th quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company’s stock valued at $5,911,000 after buying an additional 49,115 shares during the last quarter. Finally, Canada Post Corp Registered Pension Plan raised its stake in shares of Devon Energy by 298.1% during the 3rd quarter. Canada Post Corp Registered Pension Plan now owns 42,351 shares of the energy company’s stock valued at $1,585,000 after buying an additional 31,713 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy News Roundup

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Unusually heavy call-option buying suggests traders are positioning for more upside in Devon Energy, with call volume more than doubling versus the recent average.
• Positive Sentiment: Capital One kept an overweight rating on Devon Energy and still sees meaningful upside, even after lowering its price target from $63 to $61. Article Title
• Positive Sentiment: Devon Energy was recently highlighted as a trending stock on Zacks, indicating rising investor interest and potential momentum in the name. Article Title
• Positive Sentiment: The stock also benefited from a broader move higher in energy shares on Monday, as the sector gained on stronger trading. Article Title
• Neutral Sentiment: Devon Energy was again cited as a trending stock, but the headline mainly reflects elevated attention rather than a clear fundamental catalyst. Article Title
• Neutral Sentiment: Media reports say Devon Energy received an $8 billion offer for its Marcellus assets, which could be strategically important but is still only a reported bid. Article Title
• Negative Sentiment: The only clearly cautious development was Capital One’s reduced price target, signaling slightly less bullish valuation expectations than before.

About Devon Energy

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.