Devon Energy Co. (NYSE: DVN) has received a consensus recommendation to “Buy” by the twenty-four rating companies that currently cover the stock, reports Marketbeat.com. Three research analysts rated the stock with a keep recommendation, sixteen issued a buy recommendation, and one gave the company a strong buy recommendation. The twelve-month average target price among analysts who published a report on the stock in the past year is $ 42.10.
DVN has been the subject of a number of recent research reports. Morgan Stanley increased its price target on Devon Energy shares from $ 34.00 to $ 37.00 and gave the company an “equal weight” rating in a report released on Wednesday, October 6. TheStreet upgraded Devon Energy’s shares from a “c +” rating to a “b” rating in a report released on Tuesday, November 2. Argus raised its price target for Devon Energy shares from $ 32.00 to $ 53.00 and gave the stock a “buy” rating in a report released on Tuesday, November 9. Truist raised its price target for Devon Energy shares from $ 52.00 to $ 60.00 and gave the stock a “buy” rating in a report released on Thursday, November 4. They noted that the move was an appraisal call. Finally, Truist Securities raised its price target for Devon Energy shares from $ 52.00 to $ 60.00 and gave the stock a “buy” rating in a report released on Thursday, November 4.
DVN opened at $ 40.60 on Friday. Devon Energy has a twelve month low of $ 13.03 and a twelve month high of $ 44.79. The company has a quick ratio of 1.21, a current ratio of 1.21, and a debt ratio of 0.72. The company has a 50-day moving average price of $ 38.34 and a 200-day moving average price of $ 31.39. The company has a market cap of $ 27.49 billion, a PE ratio of 24.31, a price / earnings-growth ratio of 0.32, and a beta of 3.11.
Devon Energy (NYSE: DVN) last released its quarterly earnings data on Tuesday, November 2. The energy company reported EPS of $ 1.08 for the quarter, beating the Zacks consensus estimate of $ 0.93 by $ 0.15. The company posted revenue of $ 3.47 billion in the quarter, compared to a consensus estimate of $ 3.19 billion. Devon Energy had a net margin of 13.50% and a return on equity of 19.77%. In the same quarter of the previous year, the company made EPS ($ 0.04). As a group, sell-side analysts expect Devon Energy to post earnings per share of 3.31 for the current year.
The company also recently unveiled a quarterly dividend, which will be paid on Thursday, December 30. Investors of record on Friday, December 10 will receive a dividend of $ 0.84 per share. This represents a dividend of $ 3.36 on an annualized basis and a dividend yield of 8.28%. Devon Energy’s payout ratio is currently 26.35%.
Devon Energy said its board of directors cleared a share buyback program on Tuesday, November 2 that allows the company to repurchase $ 1.00 billion in shares. This buyback authorization authorizes the energy company to buy up to 3.5% of its shares by way of purchase on the market. Share buyback programs are usually a sign that the board of directors of the company feels its shares are undervalued.
In other Devon Energy news, COO Clay M. Gaspar sold 61,053 shares of the company in a trade that took place on Monday, November 8. The shares were sold for an average price of $ 44.28, for a total value of $ 2,703,426.84. The sale was disclosed in a legal file with the Securities & Exchange Commission, accessible through this link. Company insiders own 0.59% of the company’s shares.
A number of hedge funds have recently changed their holdings to DVNs. GQG Partners LLC strengthened its position in Devon Energy by 87,102.0% in the 3rd quarter. GQG Partners LLC now owns 13,912,210 shares of the energy company valued at $ 493,965,000 after purchasing an additional 13,896,256 shares during the period. FMR LLC strengthened its position in Devon Energy by 227.8% in the 2nd quarter. FMR LLC now owns 12,727,113 shares of the energy company valued at $ 371,504,000 after purchasing an additional 8,845,023 shares during the period. Price T Rowe Associates Inc. MD strengthened its position in Devon Energy by 36.2% in the second quarter. Price T Rowe Associates Inc. MD now owns 32,658,423 shares of the energy company valued at $ 953,299,000 after purchasing an additional 8,679,826 shares during the period. Bank of New York Mellon Corp strengthened its position in Devon Energy by 68.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 13,297,144 shares of the energy company valued at $ 388,144,000 after purchasing an additional 5,413,309 shares during the period. Finally, Scout Investments Inc. acquired a new position in Devon Energy in the 3rd quarter for a value of approximately $ 112,744,000. 86.38% of the capital is held by institutional investors.
About Devon Energy
Devon Energy Corp. is engaged in the exploration, development and production of oil and gas properties. It develops and operates the Delaware Basin, Eagle Ford, Heavy Oil, Baarnett Shale, STACK and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.
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