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

Key Points

• Devon Energy has an average analyst rating of “Moderate Buy”, with 24 buy ratings, 2 strong buy ratings, and 5 hold ratings among 31 analysts. The average 12-month price target is about $58.52.
• The company recently reported mixed quarterly results, missing both earnings and revenue estimates. It posted EPS of $1.04 versus expectations of $1.06, while revenue fell 14.5% year over year to $3.81 billion.
• Devon Energy also raised its quarterly dividend to $0.32 per share from $0.24, implying an annualized dividend of $1.28 and a yield of 3.0%.

Shares of Devon Energy Corporation (NYSE:DVN - Get Free Report) have earned an average recommendation of "Moderate Buy" from the thirty-one analysts that are presently covering the company, Marketbeat reports. Five equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $58.5185.

DVN has been the subject of several analyst reports. Wolfe Research set a $67.00 price target on shares of Devon Energy and gave the company an "outperform" rating in a research report on Monday. Truist Financial raised their price target on shares of Devon Energy from $63.00 to $66.00 and gave the company a "buy" rating in a research report on Monday, June 1st. Royal Bank Of Canada raised their price target on shares of Devon Energy from $46.00 to $59.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 8th. Scotiabank raised their price target on shares of Devon Energy from $41.00 to $46.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. Finally, Barclays raised their price target on shares of Devon Energy from $54.00 to $62.00 and gave the company an "overweight" rating in a research report on Tuesday, May 26th.

Insider Activity at Devon Energy

In related news, SVP Adam M. Vela sold 24,342 shares of the firm's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of the sale, the senior vice president owned 130,540 shares of the company's stock, valued at $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president directly owned 428,452 shares of the company's stock, valued at $19,991,570.32. This trade represents a 14.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 112,371 shares of company stock valued at $5,258,059 over the last 90 days. Corporate insiders own 4.58% of the company's stock.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently added to or reduced their stakes in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in shares of Devon Energy during the 4th quarter worth $25,000. Accredited Wealth Management LLC lifted its stake in shares of Devon Energy by 61.6% during the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock valued at $28,000 after buying an additional 308 shares in the last quarter. Ameriflex Group Inc. lifted its stake in shares of Devon Energy by 702.0% during the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company's stock valued at $28,000 after buying an additional 702 shares in the last quarter. MV Capital Management Inc. purchased a new position in shares of Devon Energy during the 4th quarter valued at $29,000. Finally, Garton & Associates Financial Advisors LLC purchased a new position in shares of Devon Energy during the 4th quarter valued at $29,000. Institutional investors own 69.72% of the company's stock.

Devon Energy Price Performance

Shares of NYSE DVN opened at $43.03 on Tuesday. Devon Energy has a fifty-two week low of $31.45 and a fifty-two week high of $52.71. The company has a 50 day simple moving average of $46.28 and a two-hundred day simple moving average of $43.39. The company has a market capitalization of $26.74 billion, a price-to-earnings ratio of 11.99 and a beta of 0.38. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the prior year, the business posted $0.82 EPS. Devon Energy's revenue for the quarter was down 14.5% on a year-over-year basis. Analysts expect that Devon Energy will post 4.97 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. This is an increase from Devon Energy's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, June 15th. Devon Energy's payout ratio is 35.65%.

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.

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