Devon Energy (NYSE:DVN) Stock Moved Up to “Buy” by Wall Street Zen

Wall Street Zen upgraded shares of Devon Energy (NYSE:DVN) from a hold rating to a buy rating in a report issued on Saturday,Wall Street Zen reports.

DVN has been the subject of a number of other reports. Wolfe Research set a $67.00 price target on shares of Devon Energy and gave the company an “outperform” rating in a report on Monday, June 22nd. JPMorgan Chase & Co. lifted their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday. BMO Capital Markets reiterated an “outperform” rating on shares of Devon Energy in a report on Wednesday, June 10th. Susquehanna increased their target price on shares of Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Finally, The Goldman Sachs Group reduced their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.11.

Devon Energy Stock Up 1.0%

DVN opened at $47.65 on Friday. 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 company has a market capitalization of $52.42 billion, a PE ratio of 11.32, a P/E/G ratio of 1.29 and a beta of 0.49. The stock’s fifty day moving average is $46.99 and its 200-day moving average is $46.34. Devon Energy has a one year low of $31.47 and a one year high of $52.71.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.17. The business had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company’s quarterly revenue was up 73.1% on a year-over-year basis. During the same quarter last year, the business posted $0.84 earnings per share. On average, equities analysts predict that Devon Energy will post 5.27 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were paid a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. Devon Energy’s dividend payout ratio (DPR) is currently 30.40%.

Insider Activity

In other Devon Energy news, EVP Robert Ferrall Lowe III sold 6,756 shares of the firm’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the completion of the transaction, the executive vice president directly owned 72,720 shares in the company, valued at $3,705,084. This trade represents a 8.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Clay M. Gaspar bought 3,913 shares of the company’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 completion of the transaction, the chief executive officer owned 619,152 shares of the company’s stock, valued at $31,626,284.16. This represents a 0.64% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 4.58% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently made changes to their positions in DVN. Tobam lifted its position in Devon Energy by 16.4% during the fourth quarter. Tobam now owns 1,633 shares of the energy company’s stock valued at $60,000 after purchasing an additional 230 shares during the last quarter. Sigma Planning Corp increased its holdings in shares of Devon Energy by 3.5% in the 2nd quarter. Sigma Planning Corp now owns 6,902 shares of the energy company’s stock worth $285,000 after buying an additional 233 shares during the last quarter. Retirement Planning Group LLC increased its holdings in shares of Devon Energy by 4.5% in the 2nd quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company’s stock worth $233,000 after buying an additional 243 shares during the last quarter. JFS Wealth Advisors LLC raised its position in shares of Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after buying an additional 245 shares in the last quarter. Finally, Michels Family Financial LLC raised its position in shares of Devon Energy by 2.5% during the 4th quarter. Michels Family Financial LLC now owns 11,098 shares of the energy company’s stock valued at $407,000 after buying an additional 270 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

About Devon Energy

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 operates in the United States and focuses on onshore properties with oil- and liquids-rich resources.

Devon’s operations are concentrated in several major U.S. producing regions, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.