Devon Energy Corporation (NYSE:DVN) Stock Has Average Target Price of $59.72 According to Brokerages

Devon Energy Corporation (NYSE:DVN) has earned an average recommendation of “Moderate Buy” from the thirty research firms that are presently covering the company, Marketbeat Ratings reports. Five analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $60.11.

A number of equities research analysts recently commented on DVN shares. Wall Street Zen raised shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Saturday, October 3rd. Weiss Ratings raised shares of Devon Energy from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, September 9th. The Goldman Sachs Group lowered their price target on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Susquehanna increased their price target on shares of Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Finally, BMO Capital Markets reissued an “outperform” rating and set a $67.00 price objective on shares of Devon Energy in a research note on Tuesday.

Devon Energy Stock Down 0.3%

DVN opened at $47.88 on Thursday. 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 cap of $52.67 billion, a price-to-earnings ratio of 11.37, a PEG ratio of 1.29 and a beta of 0.49. Devon Energy has a one year low of $31.47 and a one year high of $52.71. The business’s fifty day moving average is $47.26 and its two-hundred day moving average is $46.33.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates 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 business’s revenue for the quarter was up 73.1% on a year-over-year basis. During the same quarter last year, the business posted $0.84 earnings per share. Analysts anticipate that Devon Energy will post 5.33 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Tuesday, September 15th. Devon Energy’s dividend payout ratio is 30.40%.

Insider Buying and Selling at Devon Energy

In related news, CEO Clay Gaspar purchased 3,913 shares of the business’s stock in a transaction dated Monday, September 14th. The stock was bought at an average cost of $51.08 per share, with a total value of $199,876.04. Following the completion of the acquisition, the chief executive officer directly owned 619,152 shares in the company, valued at $31,626,284.16. The trade was a 0.64% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the company’s stock in a transaction on 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 sale, the executive vice president owned 72,720 shares in the company, valued at $3,705,084. This represents a 8.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 4.58% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of Devon Energy during the fourth quarter worth about $25,000. Premier Financial Group purchased a new position in shares of Devon Energy during the second quarter valued at approximately $25,000. JFS Wealth Advisors LLC boosted its position 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 acquiring an additional 245 shares during the last quarter. Parvin Asset Management LLC acquired a new stake in Devon Energy during the second quarter worth approximately $28,000. Finally, MV Capital Management Inc. purchased a new stake in Devon Energy in the 4th quarter worth approximately $29,000. 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.