Devon Energy Co. (NYSE:DVN) Given Average Recommendation of “Moderate Buy” by Brokerages

Devon Energy Co. (NYSE:DVN) has been assigned a consensus rating of “Moderate Buy” from the seventeen ratings firms that are currently covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $59.24.

Several equities analysts recently issued reports on DVN shares. Susquehanna boosted their price target on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday. Stifel Nicolaus boosted their price target on shares of Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Royal Bank of Canada upped their price objective on shares of Devon Energy from $55.00 to $57.00 and gave the stock a “sector perform” rating in a report on Thursday, May 9th. Finally, Bank of America restated a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a report on Friday, June 14th.

Insider Transactions at Devon Energy

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Creekmur Asset Management LLC bought a new position in Devon Energy during the fourth quarter valued at approximately $791,000. Wahed Invest LLC raised its position in Devon Energy by 6.3% in the fourth quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock worth $496,000 after acquiring an additional 648 shares during the period. DekaBank Deutsche Girozentrale raised its position in Devon Energy by 39.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 197,726 shares of the energy company’s stock worth $9,008,000 after acquiring an additional 55,459 shares during the period. L. Roy Papp & Associates LLP bought a new position in Devon Energy in the fourth quarter worth approximately $287,000. Finally, Principal Securities Inc. bought a new position in Devon Energy in the fourth quarter worth approximately $702,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

DVN stock opened at $48.11 on Friday. The firm’s 50-day moving average price is $48.38 and its two-hundred day moving average price is $46.99. Devon Energy has a 12-month low of $40.47 and a 12-month high of $55.09. The stock has a market capitalization of $30.41 billion, a price-to-earnings ratio of 9.18, a PEG ratio of 1.26 and a beta of 2.07. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the previous year, the company earned $1.46 earnings per share. Devon Energy’s quarterly revenue was down 5.9% on a year-over-year basis. As a group, equities analysts predict that Devon Energy will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.83%. Devon Energy’s dividend payout ratio is presently 16.79%.

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.