Devon Energy’s (DVN) “Buy” Rating Reaffirmed at Bank of America

Bank of America reaffirmed their buy rating on shares of Devon Energy (NYSE:DVN) in a report released on Friday morning, Benzinga reports. Bank of America currently has a $64.00 price target on the energy company’s stock.

Several other brokerages also recently commented on DVN. Barclays initiated coverage on Devon Energy in a report on Wednesday, April 10th. They set an equal weight rating and a $59.00 target price on the stock. Stifel Nicolaus lifted their price objective on Devon Energy from $65.00 to $66.00 and gave the stock a buy rating in a report on Tuesday, April 23rd. Royal Bank of Canada lifted their target price on Devon Energy from $55.00 to $57.00 and gave the stock a sector perform rating in a research report on Thursday, May 9th. Truist Financial decreased their target price on Devon Energy from $69.00 to $67.00 and set a buy rating for the company in a research report on Friday, May 3rd. Finally, JPMorgan Chase & Co. lifted their target price on Devon Energy from $57.00 to $62.00 and gave the stock an overweight rating in a research report on Monday, April 8th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $59.24.

Devon Energy Stock Performance

Devon Energy stock opened at $45.76 on Friday. The stock’s 50-day moving average is $50.02 and its 200-day moving average is $46.76. The company has a market cap of $28.92 billion, a price-to-earnings ratio of 8.73 and a beta of 2.08. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. Devon Energy has a 12 month low of $40.47 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period last year, the business posted $1.46 EPS. Equities analysts anticipate that Devon Energy will post 5.18 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend is Friday, June 14th. Devon Energy’s dividend payout ratio is presently 16.79%.

Insider Transactions at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Devon Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after buying an additional 2,559,039 shares in the last quarter. Morgan Stanley grew its holdings in shares of Devon Energy by 23.6% during the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after buying an additional 2,220,194 shares in the last quarter. Raymond James & Associates grew its holdings in shares of Devon Energy by 8.9% during the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock valued at $453,871,000 after buying an additional 736,449 shares in the last quarter. Victory Capital Management Inc. grew its stake in Devon Energy by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after purchasing an additional 68,339 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Devon Energy by 26.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after purchasing an additional 1,488,374 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.