Wells Fargo & Company Cuts Devon Energy (NYSE:DVN) Price Target to $64.00

Devon Energy (NYSE:DVN) had its price objective decreased by Wells Fargo & Company from $65.00 to $64.00 in a research note released on Monday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the energy company’s stock.

A number of other brokerages have also issued reports on DVN. JPMorgan Chase & Co. cut their price target on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, July 8th. Barclays lowered their price objective on shares of Devon Energy from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Monday, August 17th. Argus reiterated a “buy” rating and set a $45.85 target price on shares of Devon Energy in a report on Monday, August 17th. Susquehanna raised their target price on Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. Finally, Seaport Research Partners began coverage on Devon Energy in a report on Thursday, September 3rd. They set a “buy” rating and a $65.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.72.

Devon Energy Stock Performance

Shares of DVN stock opened at $46.13 on Monday. The company has a market capitalization of $50.74 billion, a P/E ratio of 10.96, a PEG ratio of 1.26 and a beta of 0.37. 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. The stock has a 50 day moving average price of $46.90 and a two-hundred day moving average price of $46.32.

Devon Energy (NYSE:DVN) last issued its 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 firm had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. During the same quarter last year, the business earned $0.84 earnings per share. The business’s revenue was up 73.1% on a year-over-year basis. Analysts expect that Devon Energy will post 5.27 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, September 15th. Devon Energy’s payout ratio is presently 30.40%.

Insider Buying and Selling at Devon Energy

In related news, CEO Clay Gaspar acquired 3,913 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was acquired at an average cost 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the firm’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $50.95, for a total transaction of $344,218.20. Following the completion of the sale, the executive vice president directly owned 72,720 shares of the company’s stock, valued at approximately $3,705,084. This represents a 8.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 4.58% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors have recently bought and sold shares of the stock. Tobam raised its position in shares of Devon Energy by 16.4% during the 4th quarter. Tobam now owns 1,633 shares of the energy company’s stock worth $60,000 after acquiring an additional 230 shares in the last quarter. Sigma Planning Corp boosted its holdings in 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 purchasing an additional 233 shares in the last quarter. Retirement Planning Group LLC boosted its holdings in 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 purchasing an additional 243 shares in the last quarter. JFS Wealth Advisors LLC increased its stake in Devon Energy by 56.6% in the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after purchasing an additional 245 shares during the last quarter. Finally, Michels Family Financial LLC increased its stake in Devon Energy by 2.5% in the fourth quarter. Michels Family Financial LLC now owns 11,098 shares of the energy company’s stock valued at $407,000 after purchasing an additional 270 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

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.