Devon Energy (NYSE:DVN) Stock Price Down 2.4%

Devon Energy Co. (NYSE:DVNGet Rating) shares traded down 2.4% during mid-day trading on Friday . The company traded as low as $60.94 and last traded at $61.72. 112,740 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 10,649,026 shares. The stock had previously closed at $63.27.

A number of equities analysts recently issued reports on the stock. Mizuho increased their target price on shares of Devon Energy from $92.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, June 10th. Wells Fargo & Company upped their price target on shares of Devon Energy from $53.00 to $73.00 and gave the company an “overweight” rating in a report on Monday, March 14th. Royal Bank of Canada upped their price target on shares of Devon Energy from $54.00 to $62.00 in a report on Thursday, February 17th. Morgan Stanley upped their price target on shares of Devon Energy from $54.00 to $68.00 and gave the company an “equal weight” rating in a report on Friday, April 22nd. Finally, StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Friday, May 13th. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $72.83.

The business has a fifty day moving average of $67.53 and a 200 day moving average of $56.99. The stock has a market cap of $38.04 billion, a price-to-earnings ratio of 10.78 and a beta of 2.59. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.32 and a quick ratio of 1.32.

Devon Energy (NYSE:DVNGet Rating) last released its quarterly earnings data on Monday, May 2nd. The energy company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.14. Devon Energy had a return on equity of 36.57% and a net margin of 25.69%. The firm had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the prior year, the company posted $0.45 earnings per share. On average, analysts expect that Devon Energy Co. will post 9.08 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Monday, June 13th will be issued a $1.27 dividend. The ex-dividend date of this dividend is Friday, June 10th. This represents a $5.08 dividend on an annualized basis and a yield of 8.81%. This is an increase from Devon Energy’s previous quarterly dividend of $1.00. Devon Energy’s dividend payout ratio is currently 95.31%.

Devon Energy declared that its board has approved a share repurchase program on Monday, May 2nd that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the energy company to buy up to 4.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

In other news, COO Clay M. Gaspar sold 30,000 shares of the stock in a transaction that occurred on Wednesday, April 13th. The stock was sold at an average price of $63.75, for a total value of $1,912,500.00. Following the completion of the sale, the chief operating officer now directly owns 765,202 shares of the company’s stock, valued at $48,781,627.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Dennis C. Cameron sold 4,143 shares of the stock in a transaction that occurred on Monday, April 4th. The shares were sold at an average price of $61.45, for a total value of $254,587.35. Following the completion of the sale, the executive vice president now directly owns 284,806 shares of the company’s stock, valued at $17,501,328.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 64,922 shares of company stock worth $4,269,519. Corporate insiders own 0.80% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Canada Pension Plan Investment Board bought a new stake in shares of Devon Energy in the first quarter valued at approximately $26,000. WASHINGTON TRUST Co bought a new position in Devon Energy in the first quarter worth $26,000. JNBA Financial Advisors lifted its position in Devon Energy by 274.4% in the first quarter. JNBA Financial Advisors now owns 498 shares of the energy company’s stock worth $29,000 after purchasing an additional 365 shares during the period. Riverview Trust Co bought a new position in Devon Energy in the first quarter worth $30,000. Finally, Northwest Investment Counselors LLC bought a new position in Devon Energy in the first quarter worth $33,000. 87.01% of the stock is owned by institutional investors.

Devon Energy Company Profile (NYSE:DVN)

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

Recommended Stories

Want More Great Investing Ideas?

Receive News & Ratings for Devon Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy and related companies with MarketBeat.com's FREE daily email newsletter.