Devon Energy (NYSE:DVN) Upgraded by StockNews.com to “Buy”

StockNews.com upgraded shares of Devon Energy (NYSE:DVN) from a hold rating to a buy rating in a research report released on Thursday morning.

A number of other equities analysts have also issued reports on the stock. Piper Sandler upped their target price on shares of Devon Energy from $60.00 to $61.00 and gave the stock an overweight rating in a research report on Tuesday, May 14th. Sanford C. Bernstein cut their price objective on shares of Devon Energy from $48.00 to $43.00 and set a market perform rating on the stock in a report on Wednesday, July 17th. Bank of America restated a buy rating and issued a $64.00 price objective on shares of Devon Energy in a report on Friday, June 14th. Truist Financial cut their price objective on shares of Devon Energy from $67.00 to $64.00 and set a buy rating on the stock in a report on Tuesday, July 9th. Finally, Susquehanna restated a positive rating and issued a $65.00 price objective on shares of Devon Energy in a report on Tuesday, July 9th. Five research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $59.13.

Devon Energy Price Performance

Devon Energy stock traded down $0.20 during trading hours on Thursday, hitting $44.91. 6,232,650 shares of the stock were exchanged, compared to its average volume of 7,289,958. Devon Energy has a 12 month low of $40.47 and a 12 month high of $55.09. The business’s 50-day moving average is $46.43 and its two-hundred day moving average is $47.22. The stock has a market capitalization of $28.38 billion, a P/E ratio of 8.57, a P/E/G ratio of 0.75 and a beta of 2.07. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same period in the prior year, the business earned $1.18 earnings per share. Devon Energy’s quarterly revenue was up 13.4% on a year-over-year basis. Equities research analysts expect that Devon Energy will post 5.4 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio is 16.79%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Salem Investment Counselors Inc. grew its position in Devon Energy by 31.4% in the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after purchasing an additional 199 shares in the last quarter. Retirement Group LLC grew its position in Devon Energy by 21.8% in the first quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after purchasing an additional 199 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in Devon Energy by 7.4% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after purchasing an additional 209 shares in the last quarter. MCF Advisors LLC grew its position in Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after purchasing an additional 215 shares in the last quarter. Finally, Annex Advisory Services LLC grew its position in Devon Energy by 0.8% in the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock valued at $1,311,000 after purchasing an additional 223 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

About Devon Energy

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.