Devon Energy Corporation (NYSE:DVN) Given Average Rating of “Moderate Buy” by Brokerages

Devon Energy Corporation (NYSE:DVN) has earned an average recommendation of “Moderate Buy” from the thirty-one ratings firms that are covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and three have given a strong buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $58.8519.

Several research analysts have recently weighed in on DVN shares. Weiss Ratings restated a “hold (c)” rating on shares of Devon Energy in a research note on Thursday, June 11th. Wolfe Research set a $67.00 price objective on shares of Devon Energy and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Barclays boosted their price objective on shares of Devon Energy from $54.00 to $62.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Tudor Pickering upgraded shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. Finally, Roth Mkm restated a “buy” rating and set a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, April 28th.

Insider Transactions at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the transaction, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 112,371 shares of company stock worth $5,258,059 in the last ninety days. Insiders own 4.58% 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 stock. Sapient Capital LLC grew its stake in Devon Energy by 16.9% in the 1st quarter. Sapient Capital LLC now owns 19,821 shares of the energy company’s stock valued at $997,000 after buying an additional 2,870 shares during the last quarter. Pine Valley Investments Ltd Liability Co grew its stake in Devon Energy by 467.3% in the 1st quarter. Pine Valley Investments Ltd Liability Co now owns 51,553 shares of the energy company’s stock valued at $2,594,000 after buying an additional 42,465 shares during the last quarter. Parallel Advisors LLC grew its stake in Devon Energy by 21.3% in the 1st quarter. Parallel Advisors LLC now owns 19,754 shares of the energy company’s stock valued at $994,000 after buying an additional 3,469 shares during the last quarter. NewEdge Advisors LLC grew its stake in Devon Energy by 13.6% in the 1st quarter. NewEdge Advisors LLC now owns 130,940 shares of the energy company’s stock valued at $6,589,000 after buying an additional 15,705 shares during the last quarter. Finally, Financial Solutions Advisory Group Inc. acquired a new position in Devon Energy in the 1st quarter valued at about $230,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Down 1.0%

Shares of NYSE:DVN opened at $42.18 on Tuesday. The company’s 50-day moving average price is $45.99 and its two-hundred day moving average price is $43.49. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. Devon Energy has a one year low of $31.45 and a one year high of $52.71. The stock has a market capitalization of $26.21 billion, a PE ratio of 11.75 and a beta of 0.37.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm’s revenue for the quarter was down 14.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.82 earnings per share. On average, equities analysts forecast that Devon Energy will post 4.97 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.32 per share. The ex-dividend date is Monday, June 15th. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s dividend payout ratio (DPR) is presently 35.65%.

Key Headlines Impacting Devon Energy

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Goldman Sachs upgraded Devon Energy to strong-buy, which can boost sentiment by signaling greater confidence in the company’s outlook. Zacks.com
• Positive Sentiment: Analyst and investor coverage continues to point to Devon as an attractive E&P name, with commentary noting cheaper valuation, a higher yield, and stronger return on equity than Diamondback Energy. Devon or Diamondback: Which E&P Stock Is the Better Investment?
• Positive Sentiment: Wall Street coverage has highlighted bullish hedge fund positioning and meaningful upside potential, reinforcing the view that DVN remains a value-and-income play for investors. What Does Wall Street Say About Devon Energy (DVN)?
• Neutral Sentiment: Devon has been among the more searched stocks on Zacks, which suggests rising investor attention but does not by itself change fundamentals. Investors Heavily Search Devon Energy Corporation (DVN): Here is What You Need to Know
• Neutral Sentiment: Devon completed a note exchange that simplifies its capital structure, a generally positive balance-sheet move, though the immediate stock impact is likely limited. Devon Energy Simplifies Capital Structure With Note Exchange
• Negative Sentiment: Toms Capital taking a top-five stake adds activist pressure for operational improvements and potential asset sales, increasing uncertainty around Devon’s post-merger strategy and capital allocation. Devon Energy (DVN) Faces Fresh Activist Pressure As Toms Capital Takes Top Five Stake

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.