Devon Energy (NYSE:DVN) Price Target Increased to $60.00 by Analysts at Piper Sandler

Devon Energy (NYSE:DVN) had its price target lifted by Piper Sandler from $59.00 to $60.00 in a research report sent to investors on Friday, Benzinga reports. They currently have an overweight rating on the energy company’s stock.

A number of other research analysts have also recently commented on the company. Raymond James dropped their price target on Devon Energy from $53.00 to $52.00 and set an outperform rating on the stock in a research report on Wednesday, January 24th. Royal Bank of Canada reaffirmed a sector perform rating and set a $55.00 price target on shares of Devon Energy in a research report on Thursday, March 7th. Stifel Nicolaus dropped their price target on Devon Energy from $75.00 to $65.00 and set a buy rating on the stock in a research report on Friday, March 22nd. Scotiabank upped their price target on Devon Energy from $53.00 to $67.00 and gave the company a sector outperform rating in a research report on Thursday, April 11th. Finally, JPMorgan Chase & Co. upped their price target on Devon Energy from $57.00 to $62.00 and gave the company an overweight rating in a research report on Monday, April 8th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Devon Energy has a consensus rating of Moderate Buy and a consensus target price of $57.94.

Devon Energy Stock Up 0.8 %

DVN stock opened at $51.85 on Friday. The stock’s fifty day simple moving average is $47.89 and its two-hundred day simple moving average is $45.90. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. Devon Energy has a 1-year low of $40.47 and a 1-year high of $55.09. The stock has a market cap of $32.92 billion, a P/E ratio of 8.89 and a beta of 2.19.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the firm earned $1.66 earnings per share. The business’s revenue was down 3.6% on a year-over-year basis. Analysts expect that Devon Energy will post 5.14 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.39%. Devon Energy’s dividend payout ratio is currently 15.09%.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently modified their holdings of DVN. Coppell Advisory Solutions LLC purchased a new position in shares of Devon Energy in the 2nd quarter worth about $25,000. Canada Pension Plan Investment Board purchased a new position in shares of Devon Energy in the 1st quarter worth about $26,000. KB Financial Partners LLC purchased a new position in shares of Devon Energy in the 1st quarter worth about $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Devon Energy in the 3rd quarter worth about $27,000. Finally, Manchester Capital Management LLC purchased a new position in shares of Devon Energy in the 4th quarter worth about $28,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Company Profile

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.