Devon Energy (NYSE:DVN) Earns “Sector Perform” Rating from Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of Devon Energy (NYSE:DVN) in a research report released on Tuesday, Benzinga reports. The firm currently has a $57.00 price target on the energy company’s stock.

Other analysts have also recently issued reports about the stock. Stifel Nicolaus upped their target price 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. UBS Group lifted their target price on Devon Energy from $48.00 to $57.00 and gave the company a neutral rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. upped their price target on Devon Energy from $62.00 to $64.00 and gave the stock an overweight rating in a research report on Monday. Piper Sandler lifted their price objective on Devon Energy from $60.00 to $61.00 and gave the company an overweight rating in a research report on Tuesday, May 14th. Finally, Bank of America reissued a buy rating and issued a $64.00 target price on shares of Devon Energy in a report on Friday, June 14th. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of Moderate Buy and an average target price of $60.00.

Devon Energy Price Performance

Shares of DVN opened at $46.42 on Tuesday. The firm has a market cap of $29.34 billion, a PE ratio of 8.86, a P/E/G ratio of 1.23 and a beta of 2.07. Devon Energy has a 1-year low of $40.47 and a 1-year 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 firm has a fifty day simple moving average of $47.86 and a two-hundred day simple moving average of $47.01.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating 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%. Devon Energy’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 earnings per share. On average, equities analysts anticipate that Devon Energy will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date was Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

Insider Activity

In related news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Manchester Capital Management LLC bought a new stake in shares of Devon Energy in the 4th quarter valued at approximately $28,000. Tradewinds Capital Management LLC purchased a new stake in Devon Energy during the 1st quarter valued at $30,000. Sound Income Strategies LLC lifted its position in 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 buying an additional 255 shares during the last quarter. Rise Advisors LLC boosted its stake in Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after buying an additional 669 shares during the period. Finally, Jones Financial Companies Lllp raised its stake 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 valued at $33,000 after acquiring an additional 374 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.