Devon Energy (NYSE:DVN) Coverage Initiated by Analysts at Wolfe Research

Wolfe Research initiated coverage on shares of Devon Energy (NYSE:DVN) in a research report report published on Thursday, MarketBeat Ratings reports. The firm issued a peer perform rating on the energy company’s stock.

A number of other equities analysts have also issued reports on DVN. JPMorgan Chase & Co. increased their target price on shares of Devon Energy from $62.00 to $64.00 and gave the company an overweight rating in a research report on Monday, July 8th. Citigroup upped their price target on shares of Devon Energy from $55.00 to $62.00 and gave the company a buy rating in a report on Thursday, April 11th. Scotiabank cut their price target on shares of Devon Energy from $67.00 to $60.00 and set a sector outperform rating for the company in a report on Friday, July 12th. Stifel Nicolaus upped their price target on shares of Devon Energy from $65.00 to $66.00 and gave the company a buy rating in a report on Tuesday, April 23rd. Finally, Piper Sandler upped their price target on shares of Devon Energy from $60.00 to $61.00 and gave the company an overweight rating in a report on Tuesday, May 14th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $59.25.

Devon Energy Stock Performance

Shares of DVN opened at $47.74 on Thursday. The firm has a 50-day moving average price of $47.54 and a 200 day moving average price of $47.11. The firm has a market capitalization of $30.17 billion, a PE ratio of 9.11, a P/E/G ratio of 1.23 and a beta of 2.07. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy has a 52-week low of $40.47 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last announced its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. Devon Energy’s revenue was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.46 EPS. On average, sell-side analysts anticipate that Devon Energy will post 5.4 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

Insider Transactions at Devon Energy

In other 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 value of $1,020,800.00. Following the completion of the sale, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.73% of the stock is owned by insiders.

Institutional Trading of Devon Energy

A number of hedge funds have recently made changes to their positions in DVN. Pacer Advisors Inc. lifted its position in shares of Devon Energy by 1,279.7% in the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after purchasing an additional 5,700,167 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after purchasing an additional 2,559,039 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of Devon Energy by 3,885.4% in the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after purchasing an additional 1,652,671 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of 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 worth $320,609,000 after purchasing an additional 1,488,374 shares in the last quarter. Finally, Raymond James & Associates lifted its position in shares of Devon Energy by 8.9% in the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after purchasing an additional 736,449 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.