Devon Energy (NYSE:DVN) Price Target Raised to $63.00 at Jefferies Financial Group

Devon Energy (NYSE:DVN) had its target price raised by Jefferies Financial Group from $62.00 to $63.00 in a report released on Monday morning,MarketScreener reports. They currently have a buy rating on the energy company’s stock.

DVN has been the subject of a number of other research reports. Wall Street Zen cut Devon Energy from a “buy” rating to a “hold” rating in a report on Sunday. Wells Fargo & Company boosted their price target on Devon Energy from $66.00 to $68.00 and gave the stock an “overweight” rating in a report on Monday. Barclays boosted their price target on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Monday, March 16th. Raymond James Financial raised Devon Energy from an “outperform” rating to a “strong-buy” rating and set a $72.00 price target for the company in a report on Tuesday, May 5th. Finally, TD Cowen boosted their price target on Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a report on Tuesday, March 17th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.85.

Devon Energy Price Performance

Shares of NYSE DVN opened at $49.66 on Monday. The stock has a market capitalization of $30.86 billion, a PE ratio of 13.83 and a beta of 0.43. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The business has a fifty day moving average price of $47.85 and a two-hundred day moving average price of $41.56. Devon Energy has a fifty-two week low of $30.24 and a fifty-two week high of $52.71.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same period in the prior year, the firm earned $0.82 earnings per share. Devon Energy’s revenue was down 14.5% on a year-over-year basis. As a group, equities analysts predict that Devon Energy will post 5.25 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $0.32 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.6%. Devon Energy’s dividend payout ratio is presently 26.74%.

Insider Transactions at Devon Energy

In other news, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the transaction, the senior vice president directly owned 130,540 shares of the company’s stock, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the transaction, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.73% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in DVN. Wedge Capital Management L L P NC acquired a new position in Devon Energy during the 4th quarter worth approximately $9,931,000. Allianz Asset Management GmbH raised its stake in Devon Energy by 4.3% during the 3rd quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company’s stock worth $29,210,000 after buying an additional 33,974 shares during the period. Investors Research Corp raised its stake in 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 buying an additional 27,575 shares during the period. Philip James Wealth Mangement LLC raised its stake in 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 buying an additional 49,115 shares during the period. Finally, Greatmark Investment Partners Inc. raised its stake in Devon Energy by 5.6% during the 3rd quarter. Greatmark Investment Partners Inc. now owns 571,925 shares of the energy company’s stock worth $20,052,000 after buying an additional 30,435 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Devon Energy

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Jefferies raised its price target on Devon Energy to $63 from $62 and kept a buy rating, signaling continued confidence in upside potential. Jefferies adjusts price target on Devon Energy to 63 from 62, maintains buy rating
• Positive Sentiment: Wells Fargo increased its target to $68 from $66 and reiterated an overweight rating, which suggests analysts see meaningful room for the stock to run. Wells Fargo adjusts price target on Devon Energy to 68 from 66, maintains overweight rating
• Positive Sentiment: The stock moved back above its 20-day and 50-day moving averages, a technical signal often viewed as short-term bullish momentum. Devon Energy crossed above the 20-day moving average Devon Energy crossed above the 50-day moving average
• Positive Sentiment: Trading in Devon Energy options jumped sharply, with call volume more than doubling versus average levels, indicating traders are positioning for further upside.
• Positive Sentiment: RBC noted that Devon could get support from upcoming combined-company guidance with Coterra Energy, along with an asset review and buyback-related catalysts. Devon Energy Could Gain From Merger Update in June, Asset Review, Buybacks, RBC Says
• Neutral Sentiment: Additional commentary from Zacks called Devon Energy a strong momentum stock, reinforcing the recent bullish sentiment but not adding a new company-specific catalyst. Here’s Why Devon Energy (DVN) is a Strong Momentum Stock
• Neutral Sentiment: Devon was also mentioned in a dividend-growth roundup and a bullish Seeking Alpha piece, which may help sentiment but are secondary to the analyst upgrades and technical breakout. From High-Yield to High-Growth: 3 Stocks Boosting Dividends Devon Energy: A New Era Begins, And The Market Still Undervalues It
• Negative Sentiment: A company insider sale was reported, with Adam Vela selling shares; this can slightly temper sentiment, though it is smaller than the positive analyst and technical drivers. Adam Vela Sells 24,342 Shares of Devon Energy Stock

Devon Energy Company Profile

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.