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
A number of brokerages recently weighed in on DVN. The Goldman Sachs Group dropped their target price on shares of Devon Energy from $70.00 to $61.00 and set a "neutral" rating for the company in a research report on Tuesday, July 5th. Susquehanna lifted their price objective on shares of Devon Energy from $62.00 to $73.00 in a research report on Monday, April 25th. Piper Sandler lowered their target price on shares of Devon Energy from $97.00 to $94.00 in a research note on Friday, July 22nd. Mizuho lowered their target price on shares of Devon Energy from $94.00 to $88.00 and set a "buy" rating for the company in a research note on Tuesday, July 19th. Finally, Truist Financial lifted their price objective on shares of Devon Energy from $110.00 to $115.00 and gave the company a "buy" rating in a research note on Wednesday, August 10th. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $76.24.
Devon Energy Trading Down 3.3 %
Shares of NYSE:DVN traded down $2.14 during mid-day trading on Monday, hitting $63.41. 209,589 shares of the company traded hands, compared to its average volume of 12,723,412. The stock has a market capitalization of $41.52 billion, a price-to-earnings ratio of 8.32 and a beta of 2.56. Devon Energy has a 1 year low of $24.46 and a 1 year 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 business has a 50 day moving average of $59.71 and a two-hundred day moving average of $60.50.
Devon Energy (NYSE:DVN - Get Rating) last issued its earnings results on Monday, August 1st. The energy company reported $2.59 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.21. The company had revenue of $5.63 billion for 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 business's revenue was up 132.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.60 EPS. On average, sell-side analysts anticipate that Devon Energy will post 9.12 earnings per share for the current fiscal year.
Devon Energy Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Monday, September 12th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 9.78%. The ex-dividend date of this dividend is Friday, September 9th. This is an increase from Devon Energy's previous quarterly dividend of $1.27. Devon Energy's dividend payout ratio is 64.47%.
Insider Transactions at Devon Energy
In other news, EVP Dennis C. Cameron sold 4,537 shares of the company's 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 completion of the sale, 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 filing with the SEC, which is accessible through this hyperlink. In other Devon Energy news, EVP Dennis C. Cameron sold 4,537 shares of the firm's stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $53.55, for a total value of $242,956.35. Following the completion of the sale, the executive vice president now owns 270,269 shares in the company, valued at approximately $14,472,904.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ann G. Fox sold 2,150 shares of the firm's stock in a transaction that occurred on Monday, June 13th. The stock was 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 owns 26,858 shares of the company's stock, valued at approximately $1,887,311.66. The disclosure for this sale can be found here. 0.80% of the stock is currently owned by corporate insiders.