BMO Capital Markets Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price objective hoisted by BMO Capital Markets from $60.00 to $65.00 in a research report report published on Wednesday,MarketScreener reports. They currently have an outperform rating on the energy company’s stock.

A number of other equities research analysts have also recently issued reports on the company. Mizuho boosted their price objective on Devon Energy from $51.00 to $62.00 and gave the stock an “outperform” rating in a report on Tuesday, March 17th. Weiss Ratings upgraded Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, January 28th. Wall Street Zen upgraded Devon Energy from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Morgan Stanley boosted their price objective on Devon Energy from $46.00 to $59.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Finally, Capital One Financial reduced their price objective on Devon Energy from $64.00 to $63.00 and set an “overweight” rating for the company in a report on Tuesday, April 14th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $55.78.

Devon Energy Stock Up 0.4%

DVN stock opened at $46.93 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $29.16 billion, a PE ratio of 13.07, a PEG ratio of 0.75 and a beta of 0.43. Devon Energy has a 1-year low of $30.24 and a 1-year high of $52.71. The business’s 50 day simple moving average is $47.57 and its 200 day simple moving average is $41.22.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm’s revenue was down 14.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.82 earnings per share. As a group, research analysts anticipate that Devon Energy will post 5.39 EPS for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. Devon Energy’s dividend payout ratio is presently 26.74%.

Insider Activity

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the sale, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently made changes to their positions in the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Devon Energy in the fourth quarter valued at approximately $25,000. First Horizon Corp acquired a new position in Devon Energy during the third quarter valued at approximately $26,000. SouthState Bank Corp raised its position in Devon Energy by 173.6% during the first quarter. SouthState Bank Corp now owns 766 shares of the energy company’s stock valued at $39,000 after purchasing an additional 486 shares in the last quarter. MV Capital Management Inc. acquired a new position in Devon Energy during the fourth quarter valued at approximately $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new position in Devon Energy during the fourth quarter valued at approximately $29,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.