Devon Energy (NYSE:DVN) Earns Buy Rating from Bank of America

Bank of America restated their buy rating on shares of Devon Energy (NYSE:DVNFree Report) in a research report released on Friday morning, Benzinga reports. The firm currently has a $64.00 price objective on the energy company’s stock.

Several other research analysts also recently weighed in on DVN. Barclays began coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They issued an equal weight rating and a $59.00 price target on the stock. Citigroup increased their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the stock a buy rating in a research note on Thursday, April 11th. Wells Fargo & Company raised shares of Devon Energy from an equal weight rating to an overweight rating and increased their price objective for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Morgan Stanley increased their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the stock an overweight rating in a research note on Monday, April 15th. Finally, Truist Financial reduced their price objective on shares of Devon Energy from $69.00 to $67.00 and set a buy rating for the company in a research note on Friday, May 3rd. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $59.24.

Check Out Our Latest Analysis on DVN

Devon Energy Price Performance

Shares of DVN opened at $45.76 on Friday. The stock has a market cap of $28.92 billion, a PE ratio of 8.73 and a beta of 2.08. 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 has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The firm’s 50-day simple moving average is $50.02 and its two-hundred day simple moving average is $46.76.

Devon Energy (NYSE:DVNGet Free Report) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.46 earnings per share. Analysts anticipate that Devon Energy will post 5.18 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.92%. Devon Energy’s dividend payout ratio is presently 16.79%.

Insider Buying and Selling

In related news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the transaction, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.73% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Devon Energy

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Devon Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after buying an additional 2,559,039 shares during the period. Morgan Stanley boosted its position in Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after buying an additional 2,220,194 shares during the period. Raymond James & Associates boosted its position in Devon Energy by 8.9% in the 1st quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock valued at $453,871,000 after buying an additional 736,449 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Devon Energy by 0.8% in the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after purchasing an additional 68,339 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Devon Energy by 26.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after purchasing an additional 1,488,374 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

About Devon Energy

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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.

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