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.
Devon Energy Price Performance
Shares of NYSE:DVN opened at $60.05 on Thursday. The stock has a market capitalization of $39.32 billion, a price-to-earnings ratio of 7.62 and a beta of 2.56. The business has a 50-day moving average of $60.18 and a 200-day moving average of $60.16. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.55 and a quick ratio of 1.55. Devon Energy has a fifty-two week low of $24.46 and a fifty-two week 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 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.21. The company had revenue of $5.63 billion during the quarter, compared to analysts' expectations of $4.77 billion. Devon Energy had a return on equity of 48.58% and a net margin of 30.65%. Devon Energy's revenue for the quarter was up 132.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.60 EPS. As a group, sell-side analysts predict that Devon Energy will post 9.02 earnings per share for the current fiscal 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 paid a $1.55 dividend. This is an increase from Devon Energy's previous quarterly dividend of $1.27. This represents a $6.20 annualized dividend and a yield of 10.32%. The ex-dividend date is Friday, September 9th. Devon Energy's dividend payout ratio (DPR) is 64.47%.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on DVN. Mizuho cut their price target on Devon Energy from $94.00 to $88.00 and set a "buy" rating on the stock in a research note on Tuesday, July 19th. Susquehanna Bancshares raised their price objective on Devon Energy from $62.00 to $73.00 in a research note on Monday, April 25th. Credit Suisse Group raised their price objective on Devon Energy from $75.00 to $82.00 and gave the stock an "outperform" rating in a research note on Thursday, June 9th. Johnson Rice downgraded Devon Energy from a "buy" rating to an "accumulate" rating in a research note on Tuesday, May 24th. Finally, Truist Financial raised their price objective on Devon Energy from $110.00 to $115.00 and gave the stock a "buy" rating in a research note on Wednesday. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Devon Energy has an average rating of "Moderate Buy" and a consensus target price of $76.24.
Insider Activity at Devon Energy
In related news, Director Ann G. Fox sold 2,150 shares of the firm's 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 completion of the sale, the director now directly owns 26,858 shares in the company, valued at approximately $1,887,311.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Ann G. Fox sold 2,150 shares of the firm's 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 completion of the sale, the director now directly owns 26,858 shares in the company, valued at approximately $1,887,311.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Dennis C. Cameron sold 4,537 shares of the firm's stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $53.55, for a total transaction of $242,956.35. Following the completion of the sale, the executive vice president now owns 270,269 shares of the company's stock, valued at $14,472,904.95. The disclosure for this sale can be found here. 0.80% of the stock is currently owned by company insiders.