Devon Energy Corporation (NYSE:DVN) Stock Has Average Target Price of $60.72 According to Analysts

Devon Energy Corporation (NYSE:DVN) has been assigned a consensus recommendation of “Moderate Buy” from the thirty research firms that are presently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $60.72.

Several research analysts have recently issued reports on the stock. Barclays raised their target price on shares of Devon Energy from $58.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, October 9th. Susquehanna lifted their target price on shares of Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. Stifel Nicolaus started coverage on shares of Devon Energy in a report on Thursday, September 10th. They set a “buy” rating and a $61.00 price target for the company. Argus reissued a “buy” rating and set a $45.85 price target on shares of Devon Energy in a research report on Monday, August 17th. Finally, Truist Financial dropped their price target on shares of Devon Energy from $65.00 to $61.00 and set a “buy” rating for the company in a research report on Wednesday, October 7th.

Insider Transactions at Devon Energy

In other Devon Energy news, CEO Clay M. Gaspar acquired 3,913 shares of the company’s stock in a transaction on Monday, September 14th. The stock was acquired at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the acquisition, the chief executive officer owned 619,152 shares in the company, valued at $31,626,284.16. This represents a 0.64% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of Devon Energy stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $50.95, for a total value of $344,218.20. Following the completion of the sale, the executive vice president owned 72,720 shares in the company, valued at approximately $3,705,084. This represents a 8.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 4.58% of the stock is owned by insiders.

Hedge Funds Weigh In On Devon Energy

Hedge funds have recently made changes to their positions in the business. Chicago Partners Investment Group LLC raised its stake in Devon Energy by 22.2% in the third quarter. Chicago Partners Investment Group LLC now owns 17,605 shares of the energy company’s stock worth $905,000 after buying an additional 3,198 shares in the last quarter. Verity Asset Management Inc. boosted its position in Devon Energy by 1.2% during the 3rd quarter. Verity Asset Management Inc. now owns 67,499 shares of the energy company’s stock valued at $3,108,000 after acquiring an additional 811 shares in the last quarter. 3Chopt Investment Partners LLC bought a new stake in Devon Energy during the 3rd quarter valued at approximately $401,000. Rakuten Investment Management Inc. grew its holdings in shares of Devon Energy by 7.4% during the 3rd quarter. Rakuten Investment Management Inc. now owns 199,035 shares of the energy company’s stock worth $9,275,000 after acquiring an additional 13,695 shares during the period. Finally, Provenance Wealth Advisors LLC grew its holdings in shares of Devon Energy by 345.7% during the 3rd quarter. Provenance Wealth Advisors LLC now owns 1,404 shares of the energy company’s stock worth $65,000 after acquiring an additional 1,089 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Up 0.1%

Shares of DVN stock opened at $52.21 on Monday. The stock has a market capitalization of $57.43 billion, a PE ratio of 12.40, a P/E/G ratio of 1.36 and a beta of 0.43. Devon Energy has a 1-year low of $31.91 and a 1-year high of $52.71. The business has a 50-day moving average of $48.90 and a 200 day moving average of $45.83. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. The business had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same period last year, the company earned $0.84 EPS. Devon Energy’s revenue for the quarter was up 73.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Devon Energy will post 5.49 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Tuesday, September 15th. Devon Energy’s payout ratio is currently 30.40%.

About Devon Energy

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.