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

Devon Energy Corporation (NYSE:DVN) has been given a consensus rating of “Moderate Buy” by the thirty ratings firms that are currently covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $60.11.

DVN has been the subject of a number of research reports. 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. Argus reissued a “buy” rating and issued a $45.85 price target on shares of Devon Energy in a research report on Monday, August 17th. Stifel Nicolaus began coverage on shares of Devon Energy in a research report on Thursday, September 10th. They issued a “buy” rating and a $61.00 price target for the company. Truist Financial boosted their price target on shares of Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, UBS Group upped their price objective on Devon Energy from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, September 14th.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $47.95 on Thursday. The stock has a market capitalization of $52.75 billion, a price-to-earnings ratio of 11.39, a price-to-earnings-growth ratio of 1.29 and a beta of 0.49. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The business has a 50-day moving average of $47.09 and a 200 day moving average of $46.34. Devon Energy has a 12 month low of $31.47 and a 12 month high of $52.71.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $6.01 billion. During the same period in the prior year, the firm earned $0.84 earnings per share. The business’s revenue for the quarter was up 73.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Devon Energy will post 5.27 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Tuesday, September 15th. Devon Energy’s payout ratio is presently 30.40%.

Insider Activity

In other news, EVP Robert Ferrall Lowe III sold 6,756 shares of the business’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 transaction, the executive vice president directly owned 72,720 shares of the company’s stock, 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 filing with the SEC, which can be accessed through the SEC website. Also, CEO Clay M. Gaspar bought 3,913 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The shares were purchased at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the completion of the purchase, the chief executive officer directly owned 619,152 shares of the company’s stock, valued at approximately $31,626,284.16. This trade represents a 0.64% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 4.58% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Premier Financial Group purchased a new stake in shares of Devon Energy during the 2nd quarter worth $25,000. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in Devon Energy in the fourth quarter valued at $25,000. JFS Wealth Advisors LLC raised 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 buying an additional 245 shares in the last quarter. Parvin Asset Management LLC acquired a new stake in Devon Energy in the second quarter valued at $28,000. Finally, KERR FINANCIAL PLANNING Corp purchased a new stake in Devon Energy during the 2nd quarter worth about $29,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.