Devon Energy (NYSE:DVN) Price Target Raised to $62.00

Devon Energy (NYSE:DVN) had its price objective increased by Truist Financial from $61.00 to $62.00 in a research note published on Monday,Benzinga reports. Truist Financial currently has a buy rating on the energy company’s stock.

Other research analysts have also recently issued research reports about the stock. Citigroup increased their target price on shares of Devon Energy from $65.00 to $67.00 and gave the stock a “buy” rating in a report on Monday, August 31st. Argus reiterated a “buy” rating and set a $45.85 price objective on shares of Devon Energy in a research report on Monday, August 17th. Morgan Stanley increased their price objective on shares of Devon Energy from $63.00 to $65.00 and gave the company an “overweight” rating in a research note on Thursday, October 15th. UBS Group increased their price objective on shares of Devon Energy from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, October 7th. Finally, Seaport Research Partners initiated coverage on shares of Devon Energy in a research report on Thursday, September 3rd. They issued a “buy” rating and a $65.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $60.49.

Devon Energy Stock Up 3.6%

NYSE DVN opened at $44.95 on Monday. The business has a fifty day moving average price of $48.36 and a two-hundred day moving average price of $46.12. The stock has a market capitalization of $51.24 billion, a PE ratio of 11.24, a PEG ratio of 1.11 and a beta of 0.43. Devon Energy has a fifty-two week low of $34.23 and a fifty-two week high of $52.71. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.70 and a quick ratio of 0.65.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Thursday, November 5th. The energy company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.09. The company had revenue of $6.86 billion during the quarter, compared to analysts’ expectations of $6.57 billion. Devon Energy had a return on equity of 14.86% and a net margin of 16.22%. Devon Energy’s revenue was up 66.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.04 EPS. Equities analysts expect that Devon Energy will post 5.57 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 30th. Investors of record on Tuesday, December 15th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Tuesday, December 15th. Devon Energy’s dividend payout ratio (DPR) is 32.00%.

Insider Activity at Devon Energy

In other news, EVP Robert Ferrall Lowe III sold 6,756 shares of the firm’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $50.95, for a total transaction of $344,218.20. Following the completion of the transaction, the executive vice president owned 72,720 shares of the company’s stock, valued at approximately $3,705,084. This trade represents a 8.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Clay M. Gaspar purchased 3,913 shares of the business’s stock in a transaction dated Monday, September 14th. The shares were acquired at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the acquisition, the chief executive officer owned 619,152 shares of the company’s stock, valued at $31,626,284.16. This trade represents a 0.64% increase in their position. The SEC filing for this purchase provides additional information. 4.58% of the stock is owned by company insiders.

Institutional Trading of Devon Energy

A number of institutional investors and hedge funds have recently bought and sold shares of DVN. Advisors Asset Management Inc. bought a new stake in shares of Devon Energy in the 3rd quarter valued at about $238,000. Private Wealth Asset Management LLC raised its position in shares of Devon Energy by 1,066.5% during the third quarter. Private Wealth Asset Management LLC now owns 117,667 shares of the energy company’s stock worth $4,967,000 after acquiring an additional 107,580 shares during the last quarter. Westpac Banking Corp bought a new position in shares of Devon Energy during the third quarter worth about $72,000. Hartford Funds Management Co LLC boosted its holdings in Devon Energy by 85.5% in the third quarter. Hartford Funds Management Co LLC now owns 50,278 shares of the energy company’s stock valued at $2,315,000 after acquiring an additional 23,167 shares during the last quarter. Finally, Ieq Capital LLC increased its position in Devon Energy by 54.3% during the 3rd quarter. Ieq Capital LLC now owns 612,953 shares of the energy company’s stock valued at $28,220,000 after purchasing an additional 215,718 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market. Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins. The company’s portfolio has evolved through acquisitions and asset sales over its history.