Devon Energy Corporation (NYSE:DVN) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Devon Energy Corporation has received a consensus rating of "Moderate Buy" from 26 analysts, with 16 recommending buy and 10 recommending hold, as the average 12-month target price is set at $44.04.
• In the second quarter, Devon Energy reported earnings per share of $0.84, slightly exceeding analysts' expectations, with a year-over-year revenue increase of 9.4% to $4.28 billion.
• The company announced a quarterly dividend of $0.24 per share, with a payment date of September 30th, translating to an annualized yield of 2.8%.

Shares of Devon Energy Corporation (NYSE:DVN - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the twenty-six ratings firms that are covering the firm, Marketbeat Ratings reports. Ten research analysts have rated the stock with a hold recommendation and sixteen have issued a buy recommendation on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $44.0370.

A number of equities analysts recently weighed in on the stock. Piper Sandler decreased their price objective on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating for the company in a report on Thursday, August 14th. Jefferies Financial Group boosted their target price on shares of Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a research note on Monday, July 14th. BMO Capital Markets boosted their target price on shares of Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a research note on Monday, July 14th. Morgan Stanley boosted their target price on shares of Devon Energy from $46.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Finally, William Blair began coverage on shares of Devon Energy in a research note on Monday, August 25th. They set an "outperform" rating for the company.

Insiders Place Their Bets

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.71% of the company's stock.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Devon Energy by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock valued at $3,096,000,000 after acquiring an additional 2,098,568 shares during the period. Geode Capital Management LLC grew its position in shares of Devon Energy by 1.2% during the 2nd quarter. Geode Capital Management LLC now owns 18,595,683 shares of the energy company's stock valued at $589,399,000 after acquiring an additional 218,034 shares during the period. Victory Capital Management Inc. grew its position in shares of Devon Energy by 12.9% during the 1st quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock valued at $430,805,000 after acquiring an additional 1,315,050 shares during the period. Northern Trust Corp grew its position in shares of Devon Energy by 5.1% during the 1st quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company's stock valued at $245,987,000 after acquiring an additional 316,460 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company's stock valued at $202,327,000 after acquiring an additional 2,802,137 shares during the period. Institutional investors own 69.72% of the company's stock.

Devon Energy Price Performance

Shares of NYSE DVN opened at $33.97 on Friday. Devon Energy has a twelve month low of $25.89 and a twelve month high of $43.29. The firm has a market cap of $21.56 billion, a P/E ratio of 7.62, a PEG ratio of 1.97 and a beta of 1.09. The company has a 50 day moving average of $33.97 and a 200 day moving average of $33.13. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same period in the previous year, the business earned $1.41 EPS. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, research analysts expect that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a dividend of $0.24 per share. The ex-dividend date is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. Devon Energy's payout ratio is currently 21.52%.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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