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

Devon Energy Corporation (NYSE:DVN) has earned an average rating of “Moderate Buy” from the thirty research firms that are currently covering the firm, MarketBeat reports. Five investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $60.11.

A number of equities analysts have issued reports on DVN shares. UBS Group upped their target price on Devon Energy from $55.00 to $63.00 and gave the stock a “buy” rating in a report on Monday, September 14th. Raymond James Financial lifted their price target on Devon Energy from $64.00 to $67.00 and gave the company a “strong-buy” rating in a research note on Monday, September 14th. Wall Street Zen raised Devon Energy from a “hold” rating to a “buy” rating in a research note on Saturday. JPMorgan Chase & Co. upped their price objective on Devon Energy from $60.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday. Finally, The Goldman Sachs Group dropped their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday, June 30th.

Devon Energy Stock Performance

NYSE DVN opened at $47.65 on Thursday. The firm’s fifty day moving average price is $46.99 and its two-hundred day moving average price is $46.34. The stock has a market cap of $52.42 billion, a PE ratio of 11.32, a PEG ratio of 1.29 and a beta of 0.49. Devon Energy has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same period in the prior year, the business earned $0.84 earnings per share. The company’s revenue for the quarter was up 73.1% compared to the same quarter last year. On average, equities analysts expect that Devon Energy will post 5.27 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were given a $0.32 dividend. This represents a $1.28 annualized dividend 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 other news, EVP Robert Ferrall Lowe III sold 6,756 shares of Devon Energy 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 transaction, the executive vice president owned 72,720 shares in the company, valued at approximately $3,705,084. The trade was a 8.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Clay 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 currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Miller Global Investments LLC grew its position in shares of Devon Energy by 2.5% in the 3rd quarter. Miller Global Investments LLC now owns 26,366 shares of the energy company’s stock valued at $1,214,000 after buying an additional 654 shares during the last quarter. CX Institutional raised its position in shares of Devon Energy by 2.6% during the third quarter. CX Institutional now owns 20,678 shares of the energy company’s stock worth $952,000 after acquiring an additional 533 shares during the last quarter. Montecito Bank & Trust raised its position in shares of Devon Energy by 10.2% during the third quarter. Montecito Bank & Trust now owns 5,787 shares of the energy company’s stock worth $266,000 after acquiring an additional 535 shares during the last quarter. Confluence Investment Management LLC lifted its stake in shares of Devon Energy by 44.3% in the third quarter. Confluence Investment Management LLC now owns 41,742 shares of the energy company’s stock worth $1,922,000 after acquiring an additional 12,815 shares during the period. Finally, Cim Investment Management Inc. acquired a new position in shares of Devon Energy in the second quarter worth approximately $414,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Company Profile

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.