Key Points
- CEO Clay Gaspar purchased 3,913 Devon Energy shares at an average price of $51.08, investing nearly $200,000 and increasing his ownership to 619,152 shares.
- Devon reported strong quarterly results, with EPS of $1.57 beating estimates and revenue rising 73.1% year over year to $7.42 billion.
- The company declared a quarterly dividend of $0.32 per share, while analysts maintained a broadly positive outlook with a “Moderate Buy” consensus rating and an average price target of $59.76.
Devon Energy Corporation (NYSE:DVN - Get Free Report) CEO Clay Gaspar bought 3,913 shares of the firm's stock in a transaction on Monday, September 14th. The shares were purchased at an average cost of $51.08 per share, with a total value of $199,876.04. Following the completion of the transaction, the chief executive officer owned 619,152 shares in the company, valued at $31,626,284.16. This represents a 0.64% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Devon Energy Price Performance
Shares of DVN stock opened at $49.73 on Tuesday. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The stock has a fifty day simple moving average of $45.80 and a two-hundred day simple moving average of $46.01. The stock has a market capitalization of $54.70 billion, a price-to-earnings ratio of 11.81, a P/E/G ratio of 1.37 and a beta of 0.37.
Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.40 by $0.17. The firm had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business's revenue for the quarter was up 73.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.84 earnings per share. On average, analysts predict that Devon Energy Corporation will post 5.24 EPS for the current fiscal year.
Devon Energy Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.6%. Devon Energy's dividend payout ratio (DPR) is 30.40%.
Analysts Set New Price Targets
Several equities research analysts have recently commented on the stock. Zacks Research lowered shares of Devon Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. The Goldman Sachs Group dropped their price objective on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Jefferies Financial Group lifted their price objective on shares of Devon Energy from $62.00 to $63.00 and gave the company a "buy" rating in a report on Monday, May 18th. Wells Fargo & Company reduced their price objective on shares of Devon Energy from $68.00 to $65.00 and set an "overweight" rating for the company in a research note on Thursday, August 13th. Finally, Stifel Nicolaus assumed coverage on Devon Energy in a report on Thursday, September 10th. They set a "buy" rating and a $61.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $59.76.
Check Out Our Latest Report on Devon Energy
Hedge Funds Weigh In On Devon Energy
A number of large investors have recently added to or reduced their stakes in DVN. Core Capital Management & Research inc. bought a new position in shares of Devon Energy during the 2nd quarter worth approximately $5,527,000. The Manufacturers Life Insurance Company boosted its stake in Devon Energy by 100.3% in the second quarter. The Manufacturers Life Insurance Company now owns 654,560 shares of the energy company's stock valued at $27,046,000 after acquiring an additional 327,803 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in Devon Energy by 31.3% in the second quarter. Sequoia Financial Advisors LLC now owns 89,209 shares of the energy company's stock valued at $3,686,000 after acquiring an additional 21,285 shares in the last quarter. MCF Advisors LLC grew its holdings in Devon Energy by 34.1% in the second quarter. MCF Advisors LLC now owns 7,720 shares of the energy company's stock worth $319,000 after purchasing an additional 1,961 shares during the last quarter. Finally, National Pension Service grew its holdings in Devon Energy by 83.3% in the second quarter. National Pension Service now owns 2,123,951 shares of the energy company's stock worth $87,762,000 after purchasing an additional 965,060 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.
About Devon Energy
(
Get Free Report)
Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.
Devon's operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.
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