Devon Energy Co. (NYSE:DVN) – Investment analysts at Truist Financial boosted their Q1 2022 earnings estimates for Devon Energy in a research note issued on Wednesday, February 16th. Truist Financial analyst N. Dingmann now anticipates that the energy company will post earnings per share of $1.39 for the quarter, up from their prior estimate of $1.34. Truist Financial has a “Buy” rating and a $65.00 price target on the stock. Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Monday, February 14th. The energy company reported $1.39 EPS for the quarter, topping the Zacks’ consensus estimate of $1.24 by $0.15. Devon Energy had a return on equity of 26.76{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and a net margin of 23.60{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
DVN has been the topic of a number of other reports. Credit Suisse Group boosted their price target on Devon Energy from $58.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, February 16th. StockNews.com raised Devon Energy from a “hold” rating to a “buy” rating in a report on Thursday. Benchmark raised Devon Energy from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research report on Wednesday, November 3rd. Barclays upped their price objective on Devon Energy from $49.00 to $51.00 and gave the company an “overweight” rating in a research report on Thursday, January 13th. Finally, Citigroup upped their price objective on Devon Energy from $39.00 to $57.00 in a research note on Thursday, January 20th. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $48.19.
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NYSE DVN opened at $54.78 on Monday. The stock’s 50 day moving average is $48.09 and its 200 day moving average is $40.31. The company has a current ratio of 1.38, a quick ratio of 1.21 and a debt-to-equity ratio of 0.69. Devon Energy has a 12 month low of $19.61 and a 12 month high of $56.42. The stock has a market cap of $37.09 billion, a PE ratio of 13.14, a P/E/G ratio of 0.23 and a beta of 2.87.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp lifted its position in Devon Energy by 1.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the second quarter. State Street Corp now owns 40,381,741 shares of the energy company’s stock worth $1,178,743,000 after buying an additional 460,138 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Devon Energy by 36.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the second quarter. Price T Rowe Associates Inc. MD now owns 32,658,423 shares of the energy company’s stock worth $953,299,000 after buying an additional 8,679,826 shares in the last quarter. Invesco Ltd. lifted its position in Devon Energy by 0.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the third quarter. Invesco Ltd. now owns 25,897,429 shares of the energy company’s stock worth $919,617,000 after buying an additional 84,866 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Devon Energy by 9.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the third quarter. Bank of New York Mellon Corp now owns 14,567,536 shares of the energy company’s stock worth $517,294,000 after buying an additional 1,270,392 shares in the last quarter. Finally, GQG Partners LLC lifted its position in Devon Energy by 4.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the fourth quarter. GQG Partners LLC now owns 14,507,422 shares of the energy company’s stock worth $638,965,000 after buying an additional 595,212 shares in the last quarter. Institutional investors and hedge funds own 88.11{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the company’s stock.
In other Devon Energy news, CAO Jeremy D. Humphers sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 14th. The stock was sold at an average price of $40.64, for a total value of $81,280.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Tana K. Cashion sold 41,883 shares of the firm’s stock in a transaction that occurred on Tuesday, December 14th. The shares were sold at an average price of $40.13, for a total value of $1,680,764.79. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 44,812 shares of company stock worth $1,801,555. 0.59{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is owned by corporate insiders.
Devon Energy announced that its board has approved a share buyback plan on Tuesday, November 2nd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the energy company to buy up to 3.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 31st. Investors of record on Monday, March 14th will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 7.30{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. This is a positive change from Devon Energy’s previous quarterly dividend of $0.84. The ex-dividend date is Friday, March 11th. Devon Energy’s dividend payout ratio (DPR) is 10.55{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
About Devon Energy
Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Baarnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.
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