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.
Wall Street Analyst Weigh In
DVN has been the subject of several recent analyst reports. The Goldman Sachs Group lowered their price target on Devon Energy from $70.00 to $61.00 and set a "neutral" rating for the company in a research report on Tuesday, July 5th. Mizuho increased their price target on shares of Devon Energy from $88.00 to $91.00 and gave the company a "buy" rating in a report on Thursday. Stifel Nicolaus boosted their price objective on shares of Devon Energy from $88.00 to $93.00 in a report on Thursday, June 9th. Piper Sandler cut their target price on Devon Energy from $97.00 to $94.00 in a research note on Friday, July 22nd. Finally, Morgan Stanley decreased their price target on Devon Energy from $68.00 to $67.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 19th. Seven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.41.
Devon Energy Stock Performance
Shares of DVN opened at $67.92 on Friday. Devon Energy has a 52 week low of $24.46 and a 52 week high of $79.40. 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 stock has a market cap of $44.47 billion, a price-to-earnings ratio of 8.62 and a beta of 2.55. The business has a 50-day simple moving average of $58.68 and a two-hundred day simple moving average of $60.75.
Devon Energy (NYSE:DVN - Get Rating) last released its earnings results on Monday, August 1st. The energy company reported $2.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.21. Devon Energy had a net margin of 30.65% and a return on equity of 48.58%. The company had revenue of $5.63 billion during the quarter, compared to analyst estimates of $4.77 billion. During the same period in the prior year, the firm posted $0.60 EPS. The firm's quarterly revenue was up 132.8% compared to the same quarter last year. On average, analysts expect that Devon Energy will post 9.12 EPS for the current year.
Devon Energy Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Monday, September 12th will be issued a $1.55 dividend. The ex-dividend date is Friday, September 9th. This represents a $6.20 annualized dividend and a yield of 9.13%. This is an increase from Devon Energy's previous quarterly dividend of $1.27. Devon Energy's dividend payout ratio is currently 64.47%.
Insiders Place Their Bets
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 value of $151,080.50. Following the transaction, the director now directly owns 26,858 shares in the company, valued at $1,887,311.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Devon Energy news, Director Ann G. Fox sold 2,150 shares of the stock in a transaction that occurred on Monday, June 13th. The shares were sold at an average price of $70.27, for a total transaction of $151,080.50. Following the completion of the sale, the director now directly owns 26,858 shares of the company's stock, valued at approximately $1,887,311.66. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Dennis C. Cameron sold 4,537 shares of the business's stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $53.55, for a total transaction of $242,956.35. Following the completion of the transaction, the executive vice president now directly owns 270,269 shares in the company, valued at approximately $14,472,904.95. The disclosure for this sale can be found here. 0.80% of the stock is currently owned by company insiders.