Brokerages Set Devon Energy Corporation (NYSE:DVN) Price Target at $59.32

Shares of Devon Energy Corporation (NYSE:DVN) have been given a consensus recommendation of “Moderate Buy” by the thirty ratings firms that are covering the stock, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation, twenty-three have given a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $59.32.

A number of equities research analysts recently issued reports on DVN shares. Susquehanna boosted their price objective on Devon Energy from $52.00 to $57.00 and gave the company a “positive” rating in a research note on Tuesday, April 21st. Royal Bank Of Canada raised their price objective on shares of Devon Energy from $46.00 to $59.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 8th. Wolfe Research set a $67.00 price objective on shares of Devon Energy and gave the company an “outperform” rating in a research note on Monday, June 22nd. Citigroup boosted their target price on shares of Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Finally, Sanford C. Bernstein boosted their price objective on Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a research note on Monday, April 13th.

Devon Energy Price Performance

Shares of NYSE DVN opened at $43.80 on Friday. Devon Energy has a twelve month low of $31.47 and a twelve month high of $52.71. The stock’s 50 day moving average price is $44.32 and its 200-day moving average price is $44.18. The company has a market capitalization of $27.22 billion, a PE ratio of 12.20 and a beta of 0.38. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business’s revenue was down 14.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.82 earnings per share. On average, equities analysts anticipate that Devon Energy will post 4.61 EPS for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Monday, June 15th. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is presently 35.65%.

Insider Activity

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the transaction, the executive vice president directly owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 112,371 shares of company stock worth $5,258,059 over the last ninety days. Company insiders own 4.58% of the company’s stock.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently made changes to their positions in the stock. Tobam grew its position in shares of Devon Energy by 16.4% in the 4th quarter. Tobam now owns 1,633 shares of the energy company’s stock valued at $60,000 after acquiring an additional 230 shares during the period. TD Private Client Wealth LLC lifted its stake in Devon Energy by 3.4% in the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after purchasing an additional 236 shares during the last quarter. JFS Wealth Advisors LLC grew its holdings in Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after purchasing an additional 245 shares during the period. Catalyst Financial Partners LLC increased its position in Devon Energy by 3.9% during the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock worth $246,000 after buying an additional 254 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC raised its stake in Devon Energy by 21.0% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock valued at $54,000 after buying an additional 257 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.