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

Key Points

• Devon Energy Corporation has received an average rating of "Moderate Buy" from 26 research firms, with 10 analysts recommending a hold and 16 recommending a buy.
• The company reported $0.84 earnings per share for the quarter, exceeding the consensus estimate of $0.83, along with a revenue of $4.28 billion.
• Devon Energy will pay a quarterly dividend of $0.24 on September 30th, representing an annual yield of 2.7%.

Devon Energy Corporation (NYSE:DVN - Get Free Report) has earned an average rating of "Moderate Buy" from the twenty-six research firms that are presently covering the company, MarketBeat.com reports. Ten research analysts have rated the stock with a hold recommendation and sixteen have issued a buy recommendation on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $44.1481.

Several research analysts recently commented on the stock. William Blair assumed coverage on shares of Devon Energy in a research note on Monday. They issued an "outperform" rating on the stock. Raymond James Financial reiterated an "outperform" rating and set a $45.00 target price (up from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. Tudor, Pickering, Holt & Co. increased their target price on shares of Devon Energy from $42.00 to $44.00 in a report on Thursday, July 3rd. Bank of America lowered their price target on shares of Devon Energy from $52.00 to $42.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Finally, Wells Fargo & Company raised their price target on shares of Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a report on Tuesday, August 12th.

Devon Energy Trading Down 1.5%

Shares of DVN opened at $35.25 on Wednesday. Devon Energy has a twelve month low of $25.89 and a twelve month high of $45.34. The company has a market cap of $22.38 billion, a P/E ratio of 7.90, a P/E/G ratio of 2.04 and a beta of 1.07. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The company's fifty day simple moving average is $33.28 and its 200-day simple moving average is $33.16.

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

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $0.24 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.7%. Devon Energy's dividend payout ratio (DPR) is 21.52%.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.73% of the stock is owned by company insiders.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently made changes to their positions in the company. MASTERINVEST Kapitalanlage GmbH acquired a new stake in Devon Energy in the 2nd quarter valued at $830,000. TT Capital Management LLC purchased a new stake in Devon Energy in the 2nd quarter valued at about $1,024,000. B. Riley Wealth Advisors Inc. purchased a new stake in Devon Energy in the 2nd quarter valued at about $693,000. Marex Group plc purchased a new stake in Devon Energy in the 2nd quarter valued at about $419,000. Finally, Advisory Services Network LLC increased its stake in Devon Energy by 21.7% during the second quarter. Advisory Services Network LLC now owns 60,609 shares of the energy company's stock worth $2,013,000 after purchasing an additional 10,808 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

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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