Devon Energy (NYSE:DVN) Given New $63.00 Price Target at Morgan Stanley

Devon Energy (NYSE:DVN) had its target price trimmed by Morgan Stanley from $66.00 to $63.00 in a research report sent to investors on Friday morning,MarketScreener reports. The firm currently has an overweight rating on the energy company’s stock.

Several other equities research analysts have also weighed in on the company. Wall Street Zen lowered Devon Energy from a “buy” rating to a “hold” rating in a research report on Sunday, June 21st. Royal Bank Of Canada upped their price target on Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a report on Wednesday, April 8th. Wolfe Research set a $67.00 price target on shares of Devon Energy and gave the company an “outperform” rating in a research note on Monday. Jefferies Financial Group raised their price objective on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Finally, Truist Financial boosted their price objective on shares of Devon Energy from $63.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Three investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.85.

Devon Energy Trading Down 1.0%

NYSE DVN opened at $42.18 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. Devon Energy has a 52 week low of $31.45 and a 52 week high of $52.71. The stock has a market capitalization of $26.21 billion, a PE ratio of 11.75 and a beta of 0.37. The firm has a 50 day moving average of $45.99 and a two-hundred day moving average of $43.49.

Devon Energy (NYSE:DVN) last posted its quarterly 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 during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm’s quarterly revenue was down 14.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.82 earnings per share. As a group, research analysts expect that Devon Energy will post 4.97 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.32 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Monday, June 15th. Devon Energy’s dividend payout ratio (DPR) is presently 35.65%.

Insider Activity at Devon Energy

In other 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 transaction, the executive vice president owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 112,371 shares of company stock worth $5,258,059 in the last quarter. Company insiders own 4.58% of the company’s stock.

Hedge Funds Weigh In On Devon Energy

A number of large investors have recently bought and sold shares of DVN. Wedge Capital Management L L P NC purchased a new stake in shares of Devon Energy in the fourth quarter valued at approximately $9,931,000. Investors Research Corp grew its holdings in Devon Energy by 13,787.5% during the fourth quarter. Investors Research Corp now owns 27,775 shares of the energy company’s stock worth $1,017,000 after acquiring an additional 27,575 shares during the period. Philip James Wealth Mangement LLC raised its position in Devon Energy by 43.8% in the fourth quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company’s stock worth $5,911,000 after acquiring an additional 49,115 shares in the last quarter. Morningstar Investment Management LLC purchased a new position in Devon Energy in the fourth quarter worth $2,089,000. Finally, LSV Asset Management lifted its holdings in Devon Energy by 79.6% in the fourth quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock valued at $29,289,000 after acquiring an additional 354,500 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

More Devon Energy News

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

• Positive Sentiment: Goldman Sachs upgraded Devon Energy to strong-buy, which can boost sentiment by signaling greater confidence in the company’s outlook. Zacks.com
• Positive Sentiment: Analyst and investor coverage continues to point to Devon as an attractive E&P name, with commentary noting cheaper valuation, a higher yield, and stronger return on equity than Diamondback Energy. Devon or Diamondback: Which E&P Stock Is the Better Investment?
• Positive Sentiment: Wall Street coverage has highlighted bullish hedge fund positioning and meaningful upside potential, reinforcing the view that DVN remains a value-and-income play for investors. What Does Wall Street Say About Devon Energy (DVN)?
• Neutral Sentiment: Devon has been among the more searched stocks on Zacks, which suggests rising investor attention but does not by itself change fundamentals. Investors Heavily Search Devon Energy Corporation (DVN): Here is What You Need to Know
• Neutral Sentiment: Devon completed a note exchange that simplifies its capital structure, a generally positive balance-sheet move, though the immediate stock impact is likely limited. Devon Energy Simplifies Capital Structure With Note Exchange
• Negative Sentiment: Toms Capital taking a top-five stake adds activist pressure for operational improvements and potential asset sales, increasing uncertainty around Devon’s post-merger strategy and capital allocation. Devon Energy (DVN) Faces Fresh Activist Pressure As Toms Capital Takes Top Five Stake

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.