Is Trending Stock Devon Energy Corporation (DVN) a Buy Now?
Devon Energy (DVN) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.
Devon Energy Stock Looks Due for a Rebound
The shares of Devon Energy Corp (NYSE:DVN) are down 1.2% at $48.24 at last check today.
Devon Energy Can Continue Generating Strong Shareholder Returns
Devon Energy has strong performance, beating production guidance and generating substantial free cash flow. The company has an impressive portfolio of assets, particularly in the Delaware Basin, making it an attractive acquisition target. Devon Energy's 2024 plan focuses on reasonable asset build outs, generating strong returns, and improving infrastructure and processing capabilities.
Devon Energy Co. (NYSE:DVN) Stake Boosted by Panagora Asset Management Inc.
Panagora Asset Management Inc. lifted its stake in Devon Energy Co. (NYSE:DVN – Free Report) by 151.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 65,522 shares of the energy company’s stock after acquiring an additional 39,449 shares during the quarter. Panagora Asset Management Inc.’s holdings in Devon Energy were worth $2,968,000 as of its most recent filing with the Securities and Exchange Commission. Other hedge funds and other institutional investors have also modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Devon Energy during the 3rd quarter worth about $27,000. Sound Income Strategies LLC increased 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 worth $31,000 after purchasing an additional 255 shares during the last quarter. Rise Advisors LLC raised its holdings in shares of Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after purchasing an additional 669 shares in the last quarter. PFS Partners LLC acquired a new stake in shares of Devon Energy in the 4th quarter valued at $36,000. Finally, Naples Money Management LLC bought a new stake in Devon Energy in the fourth quarter worth $40,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors. Devon Energy Price Performance Shares of NYSE:DVN opened at $49.62 on Monday. The business’s 50 day moving average is $50.70 and its 200-day moving average is $46.45. 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 firm has a market capitalization of $31.36 billion, a PE ratio of 9.47 and a beta of 2.16. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. Devon Energy (NYSE:DVN – Get Free Report) last announced its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the previous year, the firm posted $1.46 EPS. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. Sell-side analysts predict that Devon Energy Co. will post 5.21 earnings per share for the current year. Devon Energy Cuts Dividend The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a $0.22 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.77%. Devon Energy’s payout ratio is currently 16.79%. Insiders Place Their Bets In other news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.63% of the company’s stock. Wall Street Analyst Weigh In DVN has been the subject of a number of analyst reports. UBS Group boosted their price target on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. Mizuho upped their target price on Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Piper Sandler increased their price target on Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, May 14th. Royal Bank of Canada boosted their price objective on shares of Devon Energy from $55.00 to $57.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 9th. Finally, Citigroup raised their target price on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $58.83. Read Our Latest Stock Report on DVN Devon Energy Company Profile (Free Report) 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. See Also Five stocks we like better than Devon Energy Stock Average Calculator JD’s Earnings Could Mean Chinese Stocks Making a Comeback Stock Trading Terms – Stock Terms Every Investor Needs to Know Canada Goose Flies Higher Driven By DTC Growth How to Know if a Stock Pays Dividends and When They Are Paid Out CVS Health Stock Has a Silver Lining Called Value
These 3 High-Yield Dividend Stocks Are Gushing Cash
Devon Energy is improving production and buying back stock to boost long-term cash flow per share. Vitesse Energy is acquiring assets and maintaining a very high dividend.
Devon Energy: Discipline Paying Off
Devon Energy Corporation has reported productivity gains and is efficiently restraining capital spending, leading to production growth and lower spending. The company is benefiting from higher oil prices and plans to boost production, as it is breakeven at $40/bbl while WTI prices are above $80/bbl. Devon Energy is using its large cash flows to repurchase shares and has reduced its share count while still paying solid dividends.
2 Energy Stocks That Wall Street Fell in Love With This Week
The development of its upstream assets has ExxonMobil optimistic about its future profits. Devon Energy's valuation is compelling, and its capital allocation strategy makes perfect sense.
Is Devon Energy Stock a Buy?
Devon Energy's earnings and dividend fluctuate alongside oil and gas prices. Income investors bullish on long-term energy prices could find the company's fixed-plus-variable dividend payment appealing.
