Devon Energy (NYSE:DVN – Get Rating) had its price target hoisted by Truist Financial from $110.00 to $115.00 in a report released on Wednesday morning, Benzinga reports. Truist Financial currently has a buy rating on the energy company's stock.

Several other analysts also recently weighed in on DVN. Susquehanna lifted their target price on Devon Energy from $62.00 to $73.00 in a research note on Monday, April 25th. 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 target price on shares of Devon Energy from $88.00 to $93.00 in a research note on Thursday, June 9th. StockNews.com lowered shares of Devon Energy from a buy rating to a hold rating in a research note on Wednesday, August 3rd. Finally, Piper Sandler lowered their price objective on shares of Devon Energy from $97.00 to $94.00 in a research note on Friday, July 22nd. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $76.24.

Get Devon Energy alerts:

Devon Energy Stock Performance

NYSE DVN traded up $3.07 during trading hours on Wednesday, reaching $63.12. The company's stock had a trading volume of 170,268 shares, compared to its average volume of 10,724,818. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.63. The stock has a market cap of $41.33 billion, a PE ratio of 7.62 and a beta of 2.55. Devon Energy has a 52 week low of $24.46 and a 52 week high of $79.40. The business has a 50-day simple moving average of $60.18 and a 200 day simple moving average of $60.16.

Devon Energy (NYSE:DVN – Get Rating) last issued 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. Devon Energy had a net margin of 30.65% and a return on equity of 48.58%. The firm had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.77 billion. During the same period last year, the firm posted $0.60 EPS. Devon Energy's quarterly revenue was up 132.8% compared to the same quarter last year. Equities research analysts predict that Devon Energy will post 9.02 earnings per share for the current fiscal year.

Devon Energy declared that its board has authorized a stock repurchase program on Monday, May 2nd that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the energy company to repurchase up to 4.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board believes its stock is undervalued.

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 issued a dividend of $1.55 per share. The ex-dividend date is Friday, September 9th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 9.82%. This is a positive change from Devon Energy's previous quarterly dividend of $1.27. Devon Energy's payout ratio is currently 64.47%.

Insider Buying and Selling at Devon Energy

In related news, Director Ann G. Fox sold 2,150 shares of the company's stock in a transaction on Monday, June 13th. The stock was sold at an average price of $70.27, for a total transaction of $151,080.50. Following the transaction, the director now directly owns 26,858 shares of the company's stock, valued at $1,887,311.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Ann G. Fox sold 2,150 shares of the firm's stock in a transaction that occurred on Monday, June 13th. The shares were sold at an average price of $70.27, for a total transaction of $151,080.50. Following the completion of the sale, the director now directly owns 26,858 shares in the company, valued at $1,887,311.66. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $242,956.35. Following the transaction, the executive vice president now directly owns 270,269 shares in the company, valued at $14,472,904.95. The disclosure for this sale can be found here. Company insiders own 0.80% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. CWM LLC acquired a new position in Devon Energy in the fourth quarter worth approximately $141,000. Assenagon Asset Management S.A. bought a new position in shares of Devon Energy during the 4th quarter valued at $889,000. Fifth Third Bancorp lifted its stake in shares of Devon Energy by 7.3% in the 4th quarter. Fifth Third Bancorp now owns 20,161 shares of the energy company's stock valued at $888,000 after purchasing an additional 1,372 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in Devon Energy by 1.4% in the fourth quarter. New York State Common Retirement Fund now owns 1,637,342 shares of the energy company's stock worth $72,125,000 after purchasing an additional 22,023 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in Devon Energy by 970.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 152,638 shares of the energy company's stock worth $6,724,000 after buying an additional 138,378 shares during the last quarter. Hedge funds and other institutional investors own 87.01% of the company's stock.

About Devon Energy

(Get Rating)

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.

Featured Articles

• Get a free copy of the StockNews.com research report on Devon Energy (DVN)
• Disney (NYSE: DIS) Shares Just Gave Investors A Massive Signal
• Find and Profitably Trade Stocks at 52-Week Lows
• Solar Stocks Shine Brightly After Passage Of Clean Energy Bill
• 3 Stable Growth Stocks for Bumpy Times
• Large And Small Oil-And-Gas Stocks See Post-Earnings Bounce

Receive News & Ratings for Devon Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy and related companies with MarketBeat.com's FREE daily email newsletter.