Devon Energy (NYSE:DVN) Given Sector Perform Rating at Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of Devon Energy (NYSE:DVN) in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has a $57.00 target price on the energy company’s stock.

DVN has been the topic of several other reports. Scotiabank raised their target price on shares of Devon Energy from $53.00 to $67.00 and gave the stock a sector outperform rating in a report on Thursday, April 11th. Susquehanna increased their price target on shares of Devon Energy from $52.00 to $65.00 and gave the stock a positive rating in a research report on Monday, April 22nd. Citigroup increased their price target on shares of Devon Energy from $55.00 to $62.00 and gave the stock a buy rating in a research report on Thursday, April 11th. Piper Sandler increased their price target on shares of Devon Energy from $60.00 to $61.00 and gave the stock an overweight rating in a research report on Tuesday, May 14th. Finally, Barclays started coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They set an equal weight rating and a $59.00 price target on the stock. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Devon Energy has an average rating of Moderate Buy and a consensus price target of $59.56.

Devon Energy Stock Up 0.2 %

Devon Energy stock opened at $46.50 on Tuesday. Devon Energy has a twelve month low of $40.47 and a twelve month high of $55.09. The company’s 50-day moving average price is $47.78 and its two-hundred day moving average price is $47.02. The stock has a market cap of $29.38 billion, a P/E ratio of 8.87, a P/E/G ratio of 1.19 and a beta of 2.07. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last announced its 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 net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same period last year, the firm earned $1.46 earnings per share. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. As a group, analysts expect that Devon Energy will post 5.35 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.89%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Insider Transactions at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy 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 owns 104,182 shares in the company, valued at $5,317,449.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.73% of the stock is owned by company insiders.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Devon Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after buying an additional 2,559,039 shares during the last quarter. Raymond James & Associates raised its stake in Devon Energy by 8.9% during the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after buying an additional 736,449 shares during the last quarter. Victory Capital Management Inc. raised its stake in Devon Energy by 0.8% during the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after buying an additional 68,339 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after buying an additional 1,488,374 shares during the last quarter. Finally, Pacer Advisors Inc. raised its stake in Devon Energy by 1,279.7% during the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after buying an additional 5,700,167 shares during the last quarter. Institutional investors and hedge funds 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.