Devon Energy (NYSE:DVN – Get Rating) had its target price hoisted by Truist Financial from $110.00 to $115.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the energy company's stock.
Other equities research analysts have also recently issued research reports about the company. Piper Sandler decreased their price objective on Devon Energy from $97.00 to $94.00 in a report on Friday, July 22nd. Credit Suisse Group upped their price objective on shares of Devon Energy from $75.00 to $82.00 and gave the stock an outperform rating in a report on Thursday, June 9th. Stifel Nicolaus raised their price objective on shares of Devon Energy from $88.00 to $93.00 in a research note on Thursday, June 9th. StockNews.com downgraded shares of Devon Energy from a buy rating to a hold rating in a research report on Wednesday, August 3rd. Finally, Susquehanna raised their price target on shares of Devon Energy from $62.00 to $73.00 in a research report on Monday, April 25th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Devon Energy has a consensus rating of Moderate Buy and a consensus target price of $76.24.
Get Devon Energy alerts:Devon Energy Stock Up 5.1 %
Shares of Devon Energy stock traded up $3.07 during trading on Wednesday, reaching $63.12. 170,268 shares of the company traded hands, compared to its average volume of 10,724,818. The firm has a market capitalization of $41.33 billion, a PE ratio of 7.62 and a beta of 2.55. Devon Energy has a 1-year low of $24.46 and a 1-year high of $79.40. The company has a 50 day moving average price of $60.18 and a 200-day moving average price of $60.16. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.55 and a quick ratio of 1.55.
Devon Energy (NYSE:DVN – Get Rating) last announced its quarterly earnings data on Monday, August 1st. The energy company reported $2.59 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.21. The firm had revenue of $5.63 billion for the quarter, compared to analyst estimates of $4.77 billion. Devon Energy had a net margin of 30.65% and a return on equity of 48.58%. The business's quarterly revenue was up 132.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.60 earnings per share. As a group, equities research analysts expect that Devon Energy will post 9.02 earnings per share for the current fiscal year.Devon Energy Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Monday, September 12th will be paid a dividend of $1.55 per share. This is an increase from Devon Energy's previous quarterly dividend of $1.27. The ex-dividend date is Friday, September 9th. This represents a $6.20 annualized dividend and a dividend yield of 9.82%. Devon Energy's dividend payout ratio is presently 64.47%.
Devon Energy announced that its Board of Directors has initiated a share buyback plan on Monday, May 2nd that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the energy company to repurchase up to 4.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its stock is undervalued.
Insider Buying and Selling at Devon Energy
In other news, EVP Dennis C. Cameron sold 4,537 shares of the business's stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $53.55, for a total value of $242,956.35. Following the sale, the executive vice president now owns 270,269 shares of the company's stock, valued at $14,472,904.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Dennis C. Cameron sold 4,537 shares of Devon Energy stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $53.55, for a total value of $242,956.35. Following the completion of the transaction, the executive vice president now directly owns 270,269 shares in the company, valued at $14,472,904.95. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ann G. Fox sold 2,150 shares of the business's stock in a transaction on Monday, June 13th. The shares were sold at an average price of $70.27, for a total value of $151,080.50. Following the sale, the director now owns 26,858 shares in the company, valued at $1,887,311.66. The disclosure for this sale can be found here. Insiders own 0.80% of the company's stock.
Hedge Funds Weigh In On Devon Energy
A number of large investors have recently modified their holdings of the company. Boston Partners increased its holdings in shares of Devon Energy by 174.3% in the fourth quarter. Boston Partners now owns 5,691,104 shares of the energy company's stock worth $250,767,000 after purchasing an additional 3,616,599 shares during the period. 1832 Asset Management L.P. grew its holdings in shares of Devon Energy by 101.4% during the fourth quarter. 1832 Asset Management L.P. now owns 5,346,149 shares of the energy company's stock worth $235,861,000 after purchasing an additional 2,691,049 shares in the last quarter. Bank of Montreal Can increased its position in shares of Devon Energy by 276.7% in the first quarter. Bank of Montreal Can now owns 2,373,320 shares of the energy company's stock worth $143,776,000 after purchasing an additional 1,743,220 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in Devon Energy in the first quarter valued at approximately $85,234,000. Finally, First Trust Advisors LP lifted its position in Devon Energy by 79.4% during the first quarter. First Trust Advisors LP now owns 3,206,111 shares of the energy company's stock valued at $189,577,000 after purchasing an additional 1,419,322 shares during the last quarter. 87.01% of the stock is currently owned by institutional investors.
About Devon Energy
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Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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