Barclays Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price target raised by Barclays from $57.00 to $59.00 in a research note released on Friday,Benzinga reports. They currently have an overweight rating on the energy company’s stock.

A number of other equities research analysts also recently issued reports on DVN. Wells Fargo & Company lowered their target price on shares of Devon Energy from $65.00 to $64.00 and set an “overweight” rating for the company in a report on Monday, September 28th. Seaport Research Partners initiated coverage on shares of Devon Energy in a research note on Thursday, September 3rd. They set a “buy” rating and a $65.00 price target on the stock. Citigroup lifted their price target on shares of Devon Energy from $65.00 to $67.00 and gave the company a “buy” rating in a report on Monday, August 31st. Morgan Stanley decreased their price target on shares of Devon Energy from $65.00 to $64.00 and set an “overweight” rating on the stock in a report on Monday, November 9th. Finally, Truist Financial upped their price objective on Devon Energy from $61.00 to $62.00 and gave the stock a “buy” rating in a report on Monday, November 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $59.72.

Devon Energy Trading Up 0.7%

Shares of NYSE:DVN traded up $0.34 during midday trading on Friday, reaching $46.57. The company’s stock had a trading volume of 8,358,951 shares, compared to its average volume of 11,037,116. The firm has a market cap of $53.08 billion, a price-to-earnings ratio of 11.64, a price-to-earnings-growth ratio of 1.04 and a beta of 0.43. The business has a 50 day moving average price of $48.26 and a 200 day moving average price of $46.20. Devon Energy has a 1 year low of $34.23 and a 1 year high of $52.71. The company has a quick ratio of 0.65, a current ratio of 0.70 and a debt-to-equity ratio of 0.23.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Thursday, November 5th. The energy company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.33 by $0.09. Devon Energy had a return on equity of 14.86% and a net margin of 16.22%. The company had revenue of $6.86 billion during the quarter, compared to analysts’ expectations of $6.57 billion. During the same quarter in the previous year, the business earned $1.04 EPS. The firm’s revenue was up 66.5% on a year-over-year basis. Research analysts forecast that Devon Energy will post 5.56 EPS for the current year.

Devon Energy Announces Dividend

The business also recently declared 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 annualized dividend and a yield of 2.7%. The ex-dividend date is Tuesday, December 15th. Devon Energy’s dividend payout ratio is currently 32.00%.

Insider Activity

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

Institutional Trading of Devon Energy

Hedge funds have recently made changes to their positions in the company. Sigma Planning Corp increased its stake in shares of Devon Energy by 3.5% in the second quarter. Sigma Planning Corp now owns 6,902 shares of the energy company’s stock valued at $285,000 after buying an additional 233 shares in the last quarter. Retirement Planning Group LLC raised its holdings in shares of Devon Energy by 4.5% in the second quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company’s stock valued at $233,000 after buying an additional 243 shares during the last quarter. JFS Wealth Advisors LLC lifted its position in Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after buying an additional 245 shares in the last quarter. Physician Wealth Advisors Inc. lifted its position in Devon Energy by 32.4% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 1,062 shares of the energy company’s stock worth $49,000 after buying an additional 260 shares in the last quarter. Finally, 71 West Capital Partners lifted its position in Devon Energy by 2.5% during the 3rd quarter. 71 West Capital Partners now owns 11,004 shares of the energy company’s stock worth $507,000 after buying an additional 268 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Key Headlines Impacting Devon Energy

These are some of the DVN headlines that stood out recently:

• Positive Sentiment: Barclays raised its price target to $59 from $57 and reiterated an “overweight” rating, implying 26.7% upside from the cited share price. Barclays recommendations
• Neutral Sentiment: Citigroup cut its target to $60 from $67 but kept a “buy” rating; the lower target tempers its continued bullish stance. Citigroup recommendations
• Negative Sentiment: Bernstein downgraded DVN to “market perform” from “outperform” and lowered its target to $44 from $49, indicating potential downside from the cited share price. Bernstein downgrade report

About Devon Energy

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.