Devon Energy (NYSE:DVN) Upgraded to Buy at Wall Street Zen

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

Several other equities analysts have also recently commented on the stock. Benchmark reissued a “buy” rating on shares of Devon Energy in a research report on Friday, January 16th. JPMorgan Chase & Co. dropped their target price on shares of Devon Energy from $44.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday, January 15th. Tudor Pickering raised shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 20th. Royal Bank Of Canada lifted their target price on shares of Devon Energy from $46.00 to $59.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 8th. Finally, Barclays lifted their target price on shares of Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Monday, March 16th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $55.59.

Devon Energy Price Performance

Devon Energy stock opened at $45.60 on Friday. Devon Energy has a 52 week low of $30.24 and a 52 week high of $52.71. The company’s 50 day moving average price is $47.32 and its two-hundred day moving average price is $40.82. The company has a quick ratio of 0.90, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The stock has a market cap of $28.34 billion, a P/E ratio of 12.70, a P/E/G ratio of 0.70 and a beta of 0.43.

Devon Energy (NYSE:DVN) last posted 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 return on equity of 15.22% and a net margin of 13.71%.The firm had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the prior year, the business earned $0.82 EPS. Devon Energy’s quarterly revenue was down 14.5% compared to the same quarter last year. On average, equities analysts predict that Devon Energy will post 5.66 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued 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 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy’s payout ratio is presently 26.74%.

Institutional Investors Weigh In On Devon Energy

Hedge funds have recently modified their holdings of the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Devon Energy in the 4th quarter worth approximately $25,000. First Horizon Corp purchased a new position in Devon Energy in the 3rd quarter valued at approximately $26,000. SouthState Bank Corp grew its stake in Devon Energy by 173.6% in the 1st quarter. SouthState Bank Corp now owns 766 shares of the energy company’s stock valued at $39,000 after buying an additional 486 shares in the last quarter. MV Capital Management Inc. purchased a new position in Devon Energy in the 4th quarter valued at approximately $29,000. Finally, Garton & Associates Financial Advisors LLC purchased a new position in Devon Energy in the 4th quarter valued at approximately $29,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy News Summary

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

• Positive Sentiment: Devon completed its merger with Coterra Energy, creating a larger shale operator with a stronger asset base and a continued NYSE listing under DVN. Article: Devon Energy and Coterra Energy Complete Merger
• Positive Sentiment: The board approved an $8 billion share buyback plan, boosting shareholder returns and suggesting management sees the stock as attractive at current levels. Article: Shale producer Devon Energy approves $8 billion share buyback plan
• Positive Sentiment: Devon raised its quarterly dividend to $0.32 per share from $0.24, a meaningful increase that should appeal to income-focused investors. Article: Devon Energy Corp. stock outperforms competitors despite losses on the day
• Neutral Sentiment: The combined company will be headquartered in Houston while maintaining a significant presence in Oklahoma City, with operations continuing under the Devon name and ticker. Article: Devon Energy completes $58bn merger with Coterra Energy
• Neutral Sentiment: Devon’s latest quarterly results were mixed, with earnings slightly below expectations and revenue below forecasts, which may temper enthusiasm despite the merger and capital-return news.

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.