Devon Energy Corporation (NYSE:DVN) Receives $58.52 Average Target Price from Analysts

Shares of Devon Energy Corporation (NYSE:DVN) have earned an average recommendation of “Moderate Buy” from the thirty-one brokerages that are presently covering the company, Marketbeat.com reports. Five analysts have rated the stock with a hold rating, twenty-three have given a buy rating and three have issued a strong buy rating on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $58.9630.

A number of equities research analysts recently weighed in on DVN shares. TD Cowen raised their price objective on Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a research report on Tuesday, March 17th. Jefferies Financial Group raised their price objective on Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Monday, May 18th. Citigroup raised their price objective on Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, May 20th. Piper Sandler raised their price objective on Devon Energy from $59.00 to $67.00 and gave the company an “overweight” rating in a research report on Thursday, March 12th. Finally, Susquehanna raised their price objective on Devon Energy from $52.00 to $57.00 and gave the company a “positive” rating in a research report on Tuesday, April 21st.

Trending Headlines about Devon Energy

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

• Positive Sentiment: Devon completed its private exchange offers for outstanding Coterra-related notes, with strong participation across several maturities, including some series tendered at very high rates. The transaction simplifies Devon’s capital structure and should improve financial flexibility. Devon Energy Simplifies Capital Structure With Note Exchange
• Positive Sentiment: Goldman Sachs upgraded Devon Energy to strong-buy, reinforcing the bullish analyst view that the stock may still have meaningful upside from current levels. Zacks.com article on Goldman Sachs upgrade
• Positive Sentiment: Wall Street commentary highlighted Devon’s valuation appeal, with analysts and hedge-fund positioning pointing to substantial upside potential and broad institutional interest in the shares. What Does Wall Street Say About Devon Energy (DVN)?
• Neutral Sentiment: Analyst and investor commentary continues to frame Devon as a financially stable, cash-generating energy producer, supported by a large institutional base and a disciplined capital-return model. What Does Wall Street Say About Devon Energy (DVN)?
• Neutral Sentiment: Recent articles also note continued interest from hedge funds and other institutions, but the signal is mixed because some major holders have added while others have cut exposure. Devon Energy (DVN) Faces Fresh Activist Pressure As Toms Capital Takes Top Five Stake
• Negative Sentiment: DVN has also faced renewed activist pressure after Toms Capital built a top-five stake, adding scrutiny to management’s post-merger plans and raising the possibility of asset sales or strategic changes. Devon Energy (DVN) Faces Fresh Activist Pressure As Toms Capital Takes Top Five Stake
• Negative Sentiment: Broader energy-sector weakness tied to declining crude prices has been weighing on Devon Energy shares, as lower oil prices pressure producer earnings and investor sentiment. Devon Energy Stock (DVN) Opinions on Declining Oil Prices

Devon Energy Price Performance

DVN opened at $42.54 on Tuesday. Devon Energy has a 12-month low of $31.45 and a 12-month high of $52.71. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The business’s fifty day simple moving average is $46.05 and its 200-day simple moving average is $43.50. The company has a market capitalization of $26.43 billion, a price-to-earnings ratio of 11.85 and a beta of 0.37.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 previous year, the company posted $0.82 EPS. Devon Energy’s quarterly revenue was down 14.5% compared to the same quarter last year. On average, equities research analysts anticipate that Devon Energy will post 4.97 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors 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 is an increase from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a yield of 3.0%. Devon Energy’s dividend payout ratio is 35.65%.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the sale, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the sale, the senior vice president owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is owned by insiders.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DVN. Wedge Capital Management L L P NC purchased a new stake in Devon Energy in the fourth quarter valued at $9,931,000. Investors Research Corp raised its position in Devon Energy by 13,787.5% in the fourth quarter. Investors Research Corp now owns 27,775 shares of the energy company’s stock valued at $1,017,000 after purchasing an additional 27,575 shares during the period. Philip James Wealth Mangement LLC raised its position in Devon Energy by 43.8% in the fourth quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company’s stock valued at $5,911,000 after purchasing an additional 49,115 shares during the period. Morningstar Investment Management LLC purchased a new stake in Devon Energy in the fourth quarter valued at $2,089,000. Finally, LSV Asset Management raised its position in Devon Energy by 79.6% in the fourth quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock valued at $29,289,000 after purchasing an additional 354,500 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.