Devon Energy Co. (NYSE:DVN - Get Free Report) 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 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 SEC, which is accessible through the SEC website.
Devon Energy Stock Performance
Shares of DVN opened at $50.98 on Wednesday. The stock has a market capitalization of $32.22 billion, a PE ratio of 9.73 and a beta of 2.16. The business's fifty day moving average price is $49.89 and its 200 day moving average price is $46.28. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09.
Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping analysts' consensus estimates 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 period in the prior year, the company earned $1.46 earnings per share. The firm's revenue was down 5.9% compared to the same quarter last year. Equities research analysts forecast that Devon Energy Co. will post 5.24 EPS for the current year.
Devon Energy Cuts Dividend
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The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.22 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.73%. Devon Energy's payout ratio is currently 16.79%.
Wall Street Analyst Weigh In
Several analysts have issued reports on the stock. Barclays initiated coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They issued an "equal weight" rating and a $59.00 price objective for the company. Truist Financial cut their price objective on shares of Devon Energy from $69.00 to $67.00 and set a "buy" rating on the stock in a report on Friday, May 3rd. Citigroup raised their target price on Devon Energy from $55.00 to $62.00 and gave the company a "buy" rating in a research note on Thursday, April 11th. Stifel Nicolaus lifted their target price on Devon Energy from $65.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, April 23rd. Finally, UBS Group increased their price target on Devon Energy from $48.00 to $57.00 and gave the company a "neutral" rating in a report on Wednesday, April 10th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Devon Energy presently has a consensus rating of "Moderate Buy" and an average target price of $58.44.
Check Out Our Latest Analysis on Devon Energy
Hedge Funds Weigh In On Devon Energy
Several institutional investors have recently made changes to their positions in DVN. Morgan Stanley grew its stake in Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company's stock worth $555,567,000 after buying an additional 2,220,194 shares during the last quarter. Raymond James & Associates boosted its holdings in shares of Devon Energy by 8.9% during the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company's stock valued at $453,871,000 after acquiring an additional 736,449 shares during the period. Victory Capital Management Inc. grew its position in shares of Devon Energy by 0.8% during the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company's stock worth $386,832,000 after acquiring an additional 68,339 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Devon Energy by 26.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company's stock worth $320,609,000 after acquiring an additional 1,488,374 shares during the period. Finally, Northern Trust Corp lifted its position in Devon Energy by 1.2% in the 3rd quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company's stock valued at $323,145,000 after purchasing an additional 82,607 shares during the last quarter. 69.72% of the stock is owned by institutional investors.
Devon Energy Company Profile
(
Get Free Report)
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.
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