Key Points
- Insider sale: Devon Energy SVP Adam Vela sold 24,342 shares on May 14 at an average price of $47.21, totaling about $1.15 million. After the sale, he still held 130,540 shares, reducing his ownership by 15.72%.
- Earnings missed estimates: Devon Energy reported quarterly EPS of $1.04 versus the $1.06 consensus, and revenue of $3.81 billion versus expected $4.34 billion. Revenue also fell 14.5% from a year earlier.
- Dividend raised and analysts remain positive: The company increased its quarterly dividend to $0.32 per share from $0.24, implying a 2.6% yield. Several analysts raised price targets, and MarketBeat shows an average rating of Moderate Buy with an average target price of $56.41.
Devon Energy Corporation (NYSE:DVN - Get Free Report) SVP Adam Vela sold 24,342 shares of the business's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of the transaction, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
Devon Energy Stock Performance
NYSE:DVN opened at $49.55 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The firm has a market capitalization of $30.79 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 0.76 and a beta of 0.43. The company's 50-day moving average is $47.75 and its two-hundred day moving average is $41.38. Devon Energy Corporation has a 1-year low of $30.24 and a 1-year high of $52.71.
Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business's revenue for the quarter was down 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.82 earnings per share. Analysts forecast that Devon Energy Corporation will post 5.39 EPS for the current year.
Devon Energy Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.6%. This is a positive change from Devon Energy's previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. Devon Energy's payout ratio is currently 26.74%.
Analysts Set New Price Targets
A number of research firms have issued reports on DVN. Morgan Stanley increased their target price on shares of Devon Energy from $46.00 to $59.00 and gave the stock an "overweight" rating in a report on Tuesday, April 28th. Raymond James Financial upgraded shares of Devon Energy from an "outperform" rating to a "strong-buy" rating and set a $72.00 target price on the stock in a report on Tuesday, May 5th. Argus increased their target price on shares of Devon Energy from $41.00 to $51.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Evercore began coverage on shares of Devon Energy in a report on Friday. They set an "in-line" rating and a $54.00 target price on the stock. Finally, Citigroup increased their target price on shares of Devon Energy from $44.00 to $60.00 and gave the stock a "buy" rating in a report on Monday, March 30th. Four research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and an average target price of $56.41.
Get Our Latest Stock Analysis on DVN
Institutional Inflows and Outflows
Hedge funds have recently modified their holdings of the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in shares of Devon Energy in the 4th quarter valued at $25,000. First Horizon Corp purchased a new position in shares of Devon Energy in the 3rd quarter valued at $26,000. Accredited Wealth Management LLC grew its position in shares of Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock valued at $28,000 after buying an additional 308 shares during the last quarter. Ameriflex Group Inc. grew its position in shares of Devon Energy by 702.0% in the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company's stock valued at $28,000 after buying an additional 702 shares during the last quarter. Finally, MV Capital Management Inc. purchased a new position in shares of Devon Energy in the 4th quarter valued at $29,000. 69.72% of the stock is owned by hedge funds and other institutional investors.
About Devon Energy
(
Get Free Report)
Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.
Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.
Further Reading
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