Devon Energy Co. (NYSE:DVN) Receives $58.44 Consensus Target Price from Analysts

Devon Energy Co. (NYSE:DVN - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the seventeen analysts that are covering the stock, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $58.56.

A number of equities analysts have issued reports on the company. Morgan Stanley upped their target price on Devon Energy from $49.00 to $50.00 and gave the company an "overweight" rating in a research report on Monday, April 15th. JPMorgan Chase & Co. upped their target price on Devon Energy from $57.00 to $62.00 and gave the company an "overweight" rating in a research report on Monday, April 8th. Stifel Nicolaus upped their target price on Devon Energy from $65.00 to $66.00 and gave the company a "buy" rating in a research report on Tuesday, April 23rd. Royal Bank of Canada upped their target price on Devon Energy from $55.00 to $57.00 and gave the company a "sector perform" rating in a research report on Thursday. Finally, Barclays began coverage on Devon Energy in a research report on Wednesday, April 10th. They issued an "equal weight" rating and a $59.00 target price on the stock.

Insider Buying and Selling

In related news, EVP Tana K. Cashion sold 20,000 shares of the company's stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.63% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of DVN. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Devon Energy in the third quarter worth $27,000. Manchester Capital Management LLC bought a new position in Devon Energy during the fourth quarter valued at about $28,000. Tradewinds Capital Management LLC bought a new position in Devon Energy during the first quarter valued at about $30,000. Sound Income Strategies LLC boosted its stake in Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company's stock valued at $31,000 after buying an additional 255 shares in the last quarter. Finally, Rise Advisors LLC boosted its stake in Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company's stock valued at $33,000 after buying an additional 669 shares in the last quarter. Institutional investors own 69.72% of the company's stock.

Devon Energy Stock Up 0.6 %

Devon Energy stock traded up $0.29 during midday trading on Thursday, hitting $50.85. 4,432,028 shares of the company were exchanged, compared to its average volume of 7,778,119. The company's fifty day moving average price is $50.02 and its 200-day moving average price is $46.31. The company has a market cap of $32.14 billion, a PE ratio of 9.71 and a beta of 2.16. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same period in the previous year, the company posted $1.46 EPS. Devon Energy's revenue for the quarter was down 5.9% on a year-over-year basis. On average, research analysts predict that Devon Energy will post 5.24 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.73%. Devon Energy's payout ratio is currently 16.79%.

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.