Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
Analysts Set New Price Targets
DVN has been the subject of several research reports. Truist Financial raised their target price on Devon Energy from $110.00 to $115.00 and gave the stock a "buy" rating in a research report on Wednesday, August 10th. Bank of America reduced their target price on Devon Energy from $80.00 to $66.00 and set a "neutral" rating for the company in a research report on Tuesday, July 19th. Susquehanna raised their target price on Devon Energy from $62.00 to $73.00 in a research report on Monday, April 25th. Piper Sandler reduced their target price on Devon Energy from $97.00 to $94.00 in a research report on Friday, July 22nd. Finally, Mizuho cut their price objective on Devon Energy from $94.00 to $88.00 and set a "buy" rating for the company in a report on Tuesday, July 19th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Devon Energy presently has an average rating of "Moderate Buy" and an average target price of $76.24.
Devon Energy Trading Up 1.9 %
DVN Stock traded up $1.20 during midday trading on Tuesday, reaching $64.77. The stock had a trading volume of 28,794 shares, compared to its average volume of 10,949,137. The business has a fifty day simple moving average of $59.44 and a two-hundred day simple moving average of $60.58. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.63. The firm has a market cap of $42.41 billion, a price-to-earnings ratio of 8.07 and a beta of 2.56. Devon Energy has a twelve month low of $24.46 and a twelve month high of $79.40.
Devon Energy (NYSE:DVN - Get Rating) last announced its quarterly earnings data on Monday, August 1st. The energy company reported $2.59 EPS for the quarter, topping analysts' consensus estimates of $2.38 by $0.21. The firm had revenue of $5.63 billion during the quarter, compared to analyst estimates of $4.77 billion. Devon Energy had a return on equity of 48.58% and a net margin of 30.65%. The company's revenue was up 132.8% on a year-over-year basis. During the same period last year, the company earned $0.60 earnings per share. As a group, research analysts expect that Devon Energy will post 9.12 EPS for the current fiscal year.
Devon Energy Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Monday, September 12th will be given a dividend of $1.55 per share. This is a positive change from Devon Energy's previous quarterly dividend of $1.27. This represents a $6.20 annualized dividend and a dividend yield of 9.57%. The ex-dividend date of this dividend is Friday, September 9th. Devon Energy's payout ratio is presently 64.47%.
Insider Transactions at Devon Energy
In other news, Director Ann G. Fox sold 2,150 shares of the business's stock in a transaction dated Monday, June 13th. The stock was sold at an average price of $70.27, for a total transaction of $151,080.50. Following the completion of the transaction, the director now directly owns 26,858 shares in the company, valued at approximately $1,887,311.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Dennis C. Cameron sold 4,537 shares of Devon Energy stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $53.55, for a total transaction of $242,956.35. Following the transaction, the executive vice president now owns 270,269 shares in the company, valued at approximately $14,472,904.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ann G. Fox sold 2,150 shares of Devon Energy stock in a transaction dated Monday, June 13th. The shares were sold at an average price of $70.27, for a total value of $151,080.50. Following the transaction, the director now owns 26,858 shares in the company, valued at approximately $1,887,311.66. The disclosure for this sale can be found here. Corporate insiders own 0.80% of the company's stock.