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

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

A number of other analysts have also recently weighed in on the stock. UBS Group increased their price target on shares of Devon Energy from $48.00 to $57.00 and gave the stock a neutral rating in a research note on Wednesday, April 10th. Stifel Nicolaus increased their price target on shares of Devon Energy from $65.00 to $66.00 and gave the stock a buy rating in a research note on Tuesday, April 23rd. Barclays started coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They set an equal weight rating and a $59.00 price target for the company. Piper Sandler increased their price target on shares of Devon Energy from $60.00 to $61.00 and gave the stock an overweight rating in a research note on Tuesday, May 14th. Finally, JPMorgan Chase & Co. increased their price target on shares of Devon Energy from $62.00 to $64.00 and gave the stock an overweight rating in a research note on Monday, July 8th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $59.25.

Devon Energy Trading Down 1.5 %

Shares of Devon Energy stock opened at $47.74 on Thursday. The company has a fifty day simple moving average of $47.54 and a 200-day simple moving average of $47.11. Devon Energy has a 12-month low of $40.47 and a 12-month high of $55.09. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The stock has a market cap of $30.17 billion, a price-to-earnings ratio of 9.11, a PEG ratio of 1.23 and a beta of 2.07.

Devon Energy (NYSE:DVN) last issued its 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. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.46 EPS. On average, equities analysts forecast that Devon Energy will post 5.4 EPS 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 issued a $0.22 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.84%. Devon Energy’s dividend payout ratio is presently 16.79%.

Insider Activity

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Devon Energy

Several hedge funds have recently added to or reduced their stakes in DVN. Triad Wealth Partners LLC purchased a new position in Devon Energy during the 2nd quarter valued at about $27,000. Manchester Capital Management LLC acquired a new stake in shares of Devon Energy in the fourth quarter worth approximately $28,000. Tradewinds Capital Management LLC acquired a new stake in shares of Devon Energy in the first quarter worth approximately $30,000. Sound Income Strategies LLC boosted its position in shares of Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after acquiring an additional 255 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its position in shares of Devon Energy by 104.8% in the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

About Devon Energy

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.