Devon Energy Corporation (NYSE:DVN) Receives $43.68 Consensus Target Price from Analysts

Shares of Devon Energy Corporation (NYSE:DVN) have been assigned a consensus rating of “Moderate Buy” from the twenty-eight research firms that are presently covering the stock, Marketbeat.com reports. Eleven research analysts have rated the stock with a hold recommendation and seventeen have given a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $43.1429.

DVN has been the topic of several research analyst reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Devon Energy in a research note on Wednesday, October 8th. Susquehanna reduced their price target on Devon Energy to $41.00 and set a “positive” rating on the stock in a research report on Monday. UBS Group boosted their price target on Devon Energy from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 20th. Morgan Stanley reduced their price target on Devon Energy from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 14th. Finally, Piper Sandler reduced their price target on Devon Energy from $58.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, August 14th.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the sale, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.73% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Devon Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Opal Wealth Advisors LLC purchased a new stake in Devon Energy during the 2nd quarter worth approximately $25,000. Caldwell Trust Co purchased a new stake in Devon Energy during the 2nd quarter worth approximately $25,000. PFS Partners LLC purchased a new stake in Devon Energy during the 3rd quarter worth approximately $25,000. Financial Gravity Asset Management Inc. purchased a new stake in Devon Energy during the 1st quarter worth approximately $26,000. Finally, Banque Cantonale Vaudoise purchased a new stake in Devon Energy during the 1st quarter worth approximately $26,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

NYSE DVN opened at $31.94 on Thursday. The firm has a market capitalization of $20.27 billion, a P/E ratio of 7.16, a P/E/G ratio of 1.87 and a beta of 1.03. Devon Energy has a 1-year low of $25.89 and a 1-year high of $41.06. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The business’s 50-day simple moving average is $34.50 and its 200-day simple moving average is $32.92.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.01. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The company’s revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.41 EPS. Equities analysts predict that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 3.0%. Devon Energy’s payout ratio is 21.52%.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.