Devon Energy (NYSE:DVN) had its price objective hoisted by Truist from $60.00 to $65.00 in a research report released on Friday morning, The Fly reports. Truist currently has a buy rating on the energy company’s stock.
Several other equities analysts have also weighed in on DVN. TheStreet upgraded shares of Devon Energy from a c+ rating to a b rating in a research report on Tuesday, November 2nd. Wells Fargo & Company raised their target price on shares of Devon Energy from $39.00 to $42.00 and gave the stock an overweight rating in a report on Wednesday, October 6th. Truist Securities raised their target price on shares of Devon Energy from $52.00 to $60.00 and gave the stock a buy rating in a report on Thursday, November 4th. Morgan Stanley raised their target price on shares of Devon Energy from $34.00 to $37.00 and gave the stock an equal weight rating in a report on Wednesday, October 6th. Finally, Raymond James raised their target price on shares of Devon Energy from $54.00 to $65.00 and gave the stock a strong-buy rating in a report on Monday, November 15th. Four research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Buy and an average target price of $45.03.
NYSE:DVN opened at $50.39 on Friday. Devon Energy has a twelve month low of $16.10 and a twelve month high of $51.45. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.72. The company has a 50-day moving average of $43.75 and a 200-day moving average of $35.87. The firm has a market cap of $34.11 billion, a price-to-earnings ratio of 30.17, a price-to-earnings-growth ratio of 0.22 and a beta of 3.05.
Devon Energy declared that its board has approved a share buyback plan on Tuesday, November 2nd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the energy company to reacquire up to 3.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 30th. Investors of record on Friday, December 10th were given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 6.67%. Devon Energy’s payout ratio is presently 26.35%.
In other news, SVP Tana K. Cashion sold 41,883 shares of Devon Energy stock in a transaction that occurred on Tuesday, December 14th. The shares were sold at an average price of $40.13, for a total value of $1,680,764.79. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Jeremy D. Humphers sold 2,000 shares of the business’s stock in a transaction on Tuesday, December 14th. The stock was sold at an average price of $40.64, for a total transaction of $81,280.00. The disclosure for this sale can be found here. In the last three months, insiders sold 105,865 shares of company stock worth $4,504,982. Insiders own 0.59% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Canton Hathaway LLC bought a new position in Devon Energy during the fourth quarter worth $25,000. Atlas Capital Advisors LLC increased its position in Devon Energy by 51.6% during the third quarter. Atlas Capital Advisors LLC now owns 758 shares of the energy company’s stock worth $27,000 after acquiring an additional 258 shares during the period. IMA Wealth Inc. bought a new position in Devon Energy during the third quarter worth $29,000. Selective Wealth Management Inc. bought a new position in Devon Energy during the third quarter worth $34,000. Finally, Bogart Wealth LLC acquired a new stake in Devon Energy during the third quarter worth $36,000. 88.54% of the stock is currently owned by institutional investors and hedge funds.
About Devon Energy
Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Baarnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.
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