Devon Energy Corporation (NYSE:DVN) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Devon Energy Corporation (NYSE:DVN) has received a consensus recommendation of "Moderate Buy" from analysts, with 17 buy ratings and 11 hold ratings among the 28 brokerages covering the stock.
• The company recently announced a quarterly dividend of $0.24 per share, resulting in an annualized dividend of $0.96 and a dividend yield of 2.9%.
• In the latest quarterly earnings report, Devon Energy posted an EPS of $0.84, beating estimates, alongside a 9.4% year-over-year revenue increase to $4.28 billion.

Devon Energy Corporation (NYSE:DVN - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the twenty-eight brokerages that are presently covering the stock, Marketbeat Ratings reports. Eleven equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating on the company. The average 12-month price target among brokers that have covered the stock in the last year is $43.6786.

DVN has been the topic of several recent research reports. Mizuho dropped their price objective on shares of Devon Energy from $43.00 to $40.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. William Blair assumed coverage on shares of Devon Energy in a research report on Monday, August 25th. They issued an "outperform" rating on the stock. Jefferies Financial Group boosted their price objective on shares of Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a research report on Monday, July 14th. Weiss Ratings restated a "hold (c-)" rating on shares of Devon Energy in a report on Wednesday, October 8th. Finally, BMO Capital Markets upped their target price on shares of Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, July 14th.

Insider Buying and Selling at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. This represents a 19.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.71% of the stock is currently owned by insiders.

Institutional Trading of Devon Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cantor Fitzgerald Investment Advisors L.P. grew its position in Devon Energy by 10.8% in the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock valued at $10,210,000 after acquiring an additional 26,519 shares in the last quarter. Autumn Glory Partners LLC grew its position in shares of Devon Energy by 93.6% during the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock worth $1,547,000 after buying an additional 20,000 shares in the last quarter. Intact Investment Management Inc. bought a new position in Devon Energy during the first quarter worth $2,524,000. Praxis Investment Management Inc. lifted its stake in Devon Energy by 41.8% during the first quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company's stock worth $1,758,000 after purchasing an additional 13,860 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Devon Energy by 38.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 847,759 shares of the energy company's stock worth $31,850,000 after purchasing an additional 236,624 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Stock Down 0.4%

DVN stock opened at $32.57 on Thursday. The company has a fifty day moving average price of $34.56 and a 200 day moving average price of $33.02. Devon Energy has a 12 month low of $25.89 and a 12 month high of $41.61. The company has a market cap of $20.68 billion, a price-to-earnings ratio of 7.30, a price-to-earnings-growth ratio of 1.91 and a beta of 1.03. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13.

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

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Monday, September 15th. Devon Energy's dividend payout ratio is presently 21.52%.

About Devon Energy

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.