Royal Bank of Canada Reaffirms Sector Perform Rating for Devon Energy (NYSE:DVN)

Royal Bank of Canada reaffirmed their sector perform rating on shares of Devon Energy (NYSE:DVN) in a research note published on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has a $57.00 price target on the energy company’s stock.

Other analysts also recently issued research reports about the stock. Citigroup lifted their price target on shares of Devon Energy from $55.00 to $62.00 and gave the company a buy rating in a research report on Thursday, April 11th. Morgan Stanley upped their target price on shares of Devon Energy from $52.00 to $54.00 and gave the stock an overweight rating in a report on Tuesday. Mizuho lifted their price target on Devon Energy from $57.00 to $61.00 and gave the company a buy rating in a research note on Monday, May 13th. Truist Financial lowered their price objective on Devon Energy from $69.00 to $67.00 and set a buy rating for the company in a research note on Friday, May 3rd. Finally, Piper Sandler lifted their target price on Devon Energy from $60.00 to $61.00 and gave the company an overweight rating in a research report on Tuesday, May 14th. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $60.00.

Devon Energy Trading Up 1.1 %

NYSE:DVN opened at $46.42 on Tuesday. Devon Energy has a 12 month low of $40.47 and a 12 month high of $55.09. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $29.34 billion, a price-to-earnings ratio of 8.86, a PEG ratio of 1.23 and a beta of 2.07. The firm has a fifty day simple moving average of $47.86 and a two-hundred day simple moving average of $47.01.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm’s revenue was down 5.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.46 EPS. Analysts expect that Devon Energy will post 5.25 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date was Friday, June 14th. Devon Energy’s dividend payout ratio is currently 16.79%.

Insider Buying and Selling at Devon Energy

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

Hedge Funds Weigh In On Devon Energy

Large investors have recently modified their holdings of the business. Manchester Capital Management LLC bought a new position in Devon Energy in the 4th quarter worth approximately $28,000. Tradewinds Capital Management LLC purchased a new position in shares of Devon Energy in the first quarter valued at $30,000. Sound Income Strategies LLC raised its stake in shares of Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after purchasing an additional 255 shares during the period. Rise Advisors LLC lifted its holdings in Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after purchasing an additional 669 shares in the last quarter. Finally, Jones Financial Companies Lllp boosted its stake in Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after purchasing an additional 374 shares during the period. Hedge funds and other 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.