Key Points
- Devon Energy SVP Andrea Alexander sold 18,000 shares on June 10 at an average price of $46.74, totaling about $841,320. After the sale, she still held 138,529 shares, a reduction of 11.5% in ownership.
- The company raised its quarterly dividend to $0.32 per share from $0.24, which equals an annualized dividend of $1.28 and a yield of 2.8%. The payout will be made on June 30 to shareholders of record on June 15.
- Analysts remain generally bullish on DVN, with a consensus rating of “Moderate Buy” and an average price target of $58.67. Recent target changes included increases from Morgan Stanley and Piper Sandler, though a few firms slightly lowered their targets.
Devon Energy Corporation (NYSE:DVN - Get Free Report) SVP Andrea Alexander sold 18,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
Devon Energy Stock Up 1.5%
Shares of Devon Energy stock opened at $45.26 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The business's 50 day simple moving average is $47.04 and its 200-day simple moving average is $43.09. The stock has a market capitalization of $28.13 billion, a price-to-earnings ratio of 12.61 and a beta of 0.37. Devon Energy Corporation has a twelve month low of $31.45 and a twelve month high of $52.71.
Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm'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 company posted $0.82 earnings per share. Equities research analysts forecast that Devon Energy Corporation will post 4.72 earnings per share for the current year.
Devon Energy Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a $0.32 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.28 annualized dividend and a yield of 2.8%. This is an increase from Devon Energy's previous quarterly dividend of $0.24. Devon Energy's payout ratio is 26.74%.
Analysts Set New Price Targets
Several research firms recently commented on DVN. Morgan Stanley raised their target price on Devon Energy from $59.00 to $66.00 and gave the company an "overweight" rating in a research report on Thursday, May 21st. Capital One Financial lowered their target price on Devon Energy from $63.00 to $61.00 and set an "overweight" rating on the stock in a research report on Tuesday, June 2nd. Sanford C. Bernstein raised their target price on Devon Energy from $42.00 to $59.00 and gave the company an "outperform" rating in a research report on Monday, April 13th. UBS Group lowered their target price on Devon Energy from $60.00 to $58.00 and set a "buy" rating on the stock in a research report on Wednesday. Finally, Piper Sandler raised their target price on Devon Energy from $59.00 to $67.00 and gave the company an "overweight" rating in a research report on Thursday, March 12th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have given 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 a consensus price target of $58.67.
Check Out Our Latest Stock Analysis on DVN
Hedge Funds Weigh In On Devon Energy
Hedge funds have recently modified their holdings of the company. Wedge Capital Management L L P NC acquired a new position in shares of Devon Energy during the 4th quarter valued at $9,931,000. Investors Research Corp boosted its stake in shares of Devon Energy by 13,787.5% during the 4th quarter. Investors Research Corp now owns 27,775 shares of the energy company's stock worth $1,017,000 after acquiring an additional 27,575 shares in the last quarter. Philip James Wealth Mangement LLC boosted its stake in shares of Devon Energy by 43.8% during the 4th quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company's stock worth $5,911,000 after acquiring an additional 49,115 shares in the last quarter. Morningstar Investment Management LLC bought a new stake in shares of Devon Energy during the 4th quarter worth $2,089,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Devon Energy by 5.0% during the 3rd quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company's stock worth $415,319,000 after acquiring an additional 560,652 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.
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.
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