Devon Energy Corporation (DVN) - What Are Brokerages Saying About This Stock?

Key Points

• Analysts remain broadly positive: Devon Energy has a “Moderate Buy” consensus from 30 analysts, including 25 buy and two strong-buy ratings. The average 12-month price target is $60.72, above the reported $51.34 share price.
• Recent operating results exceeded expectations: Devon reported quarterly earnings of $1.57 per share versus the $1.40 consensus estimate, while revenue reached $7.42 billion, up 73.1% year over year and ahead of expectations.
• Shareholder returns and ownership activity continue: The company pays a quarterly dividend of $0.32 per share, representing a 2.5% yield, while institutional investors own 69.72% of the stock. The CEO also bought nearly $200,000 of shares, although another executive sold stock.

Devon Energy Corporation (NYSE:DVN - Get Free Report) has received an average rating of "Moderate Buy" from the thirty analysts that are covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $60.72.

A number of analysts have issued reports on DVN shares. Citigroup lifted their price objective on Devon Energy from $65.00 to $67.00 and gave the stock a "buy" rating in a research note on Monday, August 31st. Wells Fargo & Company reduced their target price on shares of Devon Energy from $65.00 to $64.00 and set an "overweight" rating on the stock in a research report on Monday, September 28th. Weiss Ratings raised shares of Devon Energy from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Truist Financial reduced their price objective on shares of Devon Energy from $65.00 to $61.00 and set a "buy" rating for the company in a research note on Wednesday, October 7th. Finally, Raymond James Financial raised their price target on shares of Devon Energy from $64.00 to $67.00 and gave the company a "strong-buy" rating in a report on Monday, September 14th.

Devon Energy Stock Performance

Shares of DVN opened at $51.34 on Monday. The business's fifty day simple moving average is $48.58 and its two-hundred day simple moving average is $46.31. Devon Energy has a 12 month low of $31.65 and a 12 month high of $52.71. The company has a market cap of $56.48 billion, a price-to-earnings ratio of 12.20, a P/E/G ratio of 1.34 and a beta of 0.49. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $6.01 billion. During the same period in the previous year, the company earned $0.84 earnings per share. The firm's quarterly revenue was up 73.1% on a year-over-year basis. Research analysts anticipate that Devon Energy will post 5.49 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were issued a dividend of $0.32 per share. The ex-dividend date was Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.5%. Devon Energy's dividend payout ratio is 30.40%.

Insiders Place Their Bets

In other news, CEO Clay M. Gaspar acquired 3,913 shares of Devon Energy stock in a transaction dated Monday, September 14th. The stock was purchased at an average cost 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 in the company, valued at $31,626,284.16. This trade represents a 0.64% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of Devon Energy stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $50.95, for a total transaction of $344,218.20. Following the sale, the executive vice president 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 disclosure for this sale is available in the SEC filing. Company insiders own 4.58% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of DVN. Sigma Planning Corp increased its position in shares of Devon Energy by 3.5% during the second quarter. Sigma Planning Corp now owns 6,902 shares of the energy company's stock valued at $285,000 after acquiring an additional 233 shares in the last quarter. Retirement Planning Group LLC lifted its stake in Devon Energy by 4.5% during the 2nd quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company's stock valued at $233,000 after acquiring an additional 243 shares during the period. JFS Wealth Advisors LLC lifted its position in Devon Energy by 56.6% during 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 period. Physician Wealth Advisors Inc. lifted its holdings in Devon Energy by 32.4% in the third quarter. Physician Wealth Advisors Inc. now owns 1,062 shares of the energy company's stock valued at $49,000 after acquiring an additional 260 shares during the period. Finally, Titleist Asset Management LLC lifted its stake in shares of Devon Energy by 5.7% in the 3rd quarter. Titleist Asset Management LLC now owns 5,556 shares of the energy company's stock worth $256,000 after purchasing an additional 298 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

About Devon Energy

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 focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon's portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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