Devon Energy (NYSE:DVN) Trading 6.6% Higher on Analyst Upgrade

Devon Energy Corporation (NYSE:DVN)’s share price shot up 6.6% during mid-day trading on Wednesday after Argus raised their price target on the stock from $51.00 to $53.00. Argus currently has a buy rating on the stock. Devon Energy traded as high as $47.18 and last traded at $46.9670. 8,717,576 shares traded hands during trading, a decline of 38% from the average session volume of 13,964,560 shares. The stock had previously closed at $44.07.

Several other equities analysts have also issued reports on DVN. Raymond James Financial upgraded Devon Energy from an “outperform” rating to a “strong-buy” rating and set a $72.00 price objective for the company in a research report on Tuesday, May 5th. Truist Financial boosted their price objective on Devon Energy from $63.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Scotiabank boosted their price objective on Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Mizuho boosted their price objective on Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Finally, Sanford C. Bernstein boosted their price objective on Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a research report on Monday, April 13th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $58.67.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the transaction, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. This trade represents a 15.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction 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 transaction, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. The trade was a 14.05% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.58% of the stock is owned by company insiders.

Key Headlines Impacting Devon Energy

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Argus raised its price target on Devon Energy to $53 from $51 and reiterated a Buy rating, signaling additional upside from current levels. Article Title
• Positive Sentiment: JPMorgan reinstated coverage with an Overweight rating and a $62 price target, while Barclays also issued a Buy rating, reinforcing a constructive Wall Street view on DVN. Article Title
• Positive Sentiment: Devon Energy’s updated 2026 outlook after the Coterra merger points to stronger scale, with expected production of about 1.38 million boe/day, roughly $4.9 billion in capital spending, and up to 70% of free cash flow targeted for dividends and buybacks. Article Title
• Positive Sentiment: Management said it expects to capture $1 billion in annual pretax synergies by year-end 2027 and plans to retire $1.25 billion of debt in 2026, which supports cash flow and balance-sheet strength. Article Title

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of DVN. Woodline Partners LP raised its stake in Devon Energy by 98.8% during the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after acquiring an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Devon Energy during the second quarter worth about $403,000. Jump Financial LLC grew its holdings in shares of Devon Energy by 58.8% during the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after purchasing an additional 10,464 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Devon Energy by 17.8% during the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after purchasing an additional 22,482 shares during the last quarter. Finally, NewEdge Advisors LLC grew its holdings in shares of Devon Energy by 6.0% during the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after purchasing an additional 8,127 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

The company has a market capitalization of $29.19 billion, a P/E ratio of 13.09 and a beta of 0.37. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The company has a fifty day moving average price of $47.32 and a two-hundred day moving average price of $42.93.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). The firm had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business’s revenue for the quarter was down 14.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.82 earnings per share. Equities analysts forecast that Devon Energy Corporation will post 4.41 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.32 per share. 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 (DPR) is presently 26.74%.

About Devon Energy

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.