Devon Energy (NYSE:DVN) Earns “Positive” Rating from Susquehanna

Susquehanna reiterated their positive rating on shares of Devon Energy (NYSE:DVN) in a research report report published on Tuesday morning, Benzinga reports. Susquehanna currently has a $65.00 price target on the energy company’s stock.

DVN has been the topic of a number of other reports. UBS Group increased their price target on shares of Devon Energy from $48.00 to $57.00 and gave the company a neutral rating in a research report on Wednesday, April 10th. Citigroup raised their target price on shares of Devon Energy from $55.00 to $62.00 and gave the stock a buy rating in a report on Thursday, April 11th. Mizuho raised their target price on shares of Devon Energy from $57.00 to $61.00 and gave the stock a buy rating in a report on Monday, May 13th. Barclays began coverage on shares of Devon Energy in a report on Wednesday, April 10th. They set an equal weight rating and a $59.00 target price on the stock. Finally, JPMorgan Chase & Co. raised their target price on shares of Devon Energy from $62.00 to $64.00 and gave the stock an overweight rating in a report on Monday, July 8th. Four 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 company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $59.56.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $46.50 on Tuesday. The company has a market capitalization of $29.38 billion, a price-to-earnings ratio of 8.87, a P/E/G ratio of 1.19 and a beta of 2.07. The firm’s 50 day simple moving average is $47.78 and its 200 day simple moving average is $47.02. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The business 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%. Devon Energy’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same period last year, the company posted $1.46 EPS. As a group, sell-side analysts forecast that Devon Energy will post 5.35 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a $0.22 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.89%. Devon Energy’s dividend payout ratio is presently 16.79%.

Insider Activity at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value 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 $5,317,449.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.73% of the stock is owned by company insiders.

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently made changes to their positions in DVN. Kwmg LLC boosted its position in Devon Energy by 7.6% during the second quarter. Kwmg LLC now owns 106,594 shares of the energy company’s stock worth $5,053,000 after purchasing an additional 7,563 shares during the period. Annex Advisory Services LLC boosted its position in Devon Energy by 0.8% during the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after purchasing an additional 223 shares during the period. Register Financial Advisors LLC boosted its position in Devon Energy by 28.6% during the second quarter. Register Financial Advisors LLC now owns 8,358 shares of the energy company’s stock worth $396,000 after purchasing an additional 1,859 shares during the period. Capital Investment Advisors LLC boosted its position in Devon Energy by 6.0% during the second quarter. Capital Investment Advisors LLC now owns 7,350 shares of the energy company’s stock worth $348,000 after purchasing an additional 417 shares during the period. Finally, CX Institutional boosted its position in Devon Energy by 1.8% during the second quarter. CX Institutional now owns 79,374 shares of the energy company’s stock worth $3,762,000 after purchasing an additional 1,403 shares during the period. 69.72% of the stock is owned by institutional investors.

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.