Devon Energy Corporation (NYSE:DVN) Stock Has Consensus Price Target of $60.72 According to Analysts

Shares of Devon Energy Corporation (NYSE:DVN) have been assigned a consensus rating of “Moderate Buy” from the thirty research firms that are covering the company, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation, twenty-five have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $60.72.

Several equities research analysts have issued reports on the company. BMO Capital Markets restated an “outperform” rating and set a $67.00 target price on shares of Devon Energy in a research report on Tuesday, October 6th. Raymond James Financial lifted their price target on Devon Energy from $64.00 to $67.00 and gave the company a “strong-buy” rating in a research report on Monday, September 14th. Argus reiterated a “buy” rating and set a $45.85 price objective on shares of Devon Energy in a research note on Monday, August 17th. Scotiabank started coverage on Devon Energy in a research note on Wednesday, October 14th. They issued a “sector outperform” rating and a $61.00 target price for the company. Finally, Morgan Stanley upped their price target on Devon Energy from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Thursday, October 15th.

Insider Activity at Devon Energy

In related news, EVP Robert Ferrall Lowe III sold 6,756 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $50.95, for a total transaction of $344,218.20. Following the sale, the executive vice president owned 72,720 shares of the company’s stock, valued at approximately $3,705,084. This represents a 8.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Clay Gaspar purchased 3,913 shares of the firm’s stock in a transaction dated Monday, September 14th. The stock was purchased at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the acquisition, the chief executive officer owned 619,152 shares of the company’s stock, valued at approximately $31,626,284.16. This trade represents a 0.64% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 4.58% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Devon Energy

Institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its stake in shares of Devon Energy by 418.3% during the second quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock valued at $2,128,905,000 after buying an additional 41,581,435 shares during the period. BlackRock Inc. boosted its holdings in Devon Energy by 57.6% in the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock valued at $3,941,054,000 after acquiring an additional 34,871,366 shares in the last quarter. State Street Corp increased its position in Devon Energy by 89.8% during the 2nd quarter. State Street Corp now owns 73,179,266 shares of the energy company’s stock valued at $3,023,767,000 after purchasing an additional 34,615,088 shares during the period. Bank of America Corp DE purchased a new position in Devon Energy during the 2nd quarter valued at $421,226,000. Finally, GQG Partners LLC bought a new position in Devon Energy in the 2nd quarter worth $402,558,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Up 2.0%

Shares of Devon Energy stock opened at $52.21 on Monday. The stock has a market capitalization of $57.43 billion, a P/E ratio of 12.40, a P/E/G ratio of 1.33 and a beta of 0.49. Devon Energy has a 52-week low of $31.91 and a 52-week high of $52.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The stock’s 50-day simple moving average is $48.90 and its 200 day simple moving average is $45.83.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter last year, the company earned $0.84 earnings per share. The company’s revenue was up 73.1% on a year-over-year basis. As a group, research analysts anticipate that Devon Energy will post 5.49 EPS for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is 30.40%.

Devon Energy Company Profile

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.