Analysts Set Devon Energy Corporation (NYSE:DVN) PT at $59.72

Shares of Devon Energy Corporation (NYSE:DVN) have received a consensus rating of “Moderate Buy” from the thirty analysts that are covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation, twenty-three have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $59.60.

Several research analysts recently issued reports on the stock. Zacks Research cut shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. Evercore raised shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target on the stock in a report on Wednesday, June 10th. Mizuho increased their price target on Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Wall Street Zen upgraded Devon Energy from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Roth Capital reissued a “buy” rating and issued a $57.00 price objective on shares of Devon Energy in a report on Tuesday, April 28th.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $45.83 on Wednesday. Devon Energy has a twelve month low of $31.47 and a twelve month high of $52.71. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The company has a market cap of $50.41 billion, a PE ratio of 10.89 and a beta of 0.38. The company’s 50 day moving average is $43.40 and its 200 day moving average is $45.18.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS 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 net margin of 16.67% and a return on equity of 14.93%. The business’s quarterly revenue was up 73.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.84 EPS. On average, sell-side analysts forecast that Devon Energy will post 4.99 EPS for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is 30.40%.

Insiders Place Their Bets

In related news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.58% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently bought and sold shares of the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in shares of Devon Energy during the 4th quarter valued at approximately $25,000. JFS Wealth Advisors LLC boosted 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 buying an additional 245 shares in the last quarter. MV Capital Management Inc. acquired a new stake in Devon Energy during the fourth quarter valued at $29,000. KERR FINANCIAL PLANNING Corp acquired a new stake in Devon Energy during the second quarter valued at $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new stake in Devon Energy during the fourth quarter valued at $29,000. 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.