Devon Energy (NYSE:DVN) PT Raised to $69.00 at Truist Financial

Devon Energy (NYSE:DVN) had its target price hoisted by Truist Financial from $66.00 to $69.00 in a research report report published on Monday, Benzinga reports. Truist Financial currently has a buy rating on the energy company’s stock.

Other research analysts have also issued reports about the stock. Barclays started coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They set an equal weight rating and a $59.00 price objective for the company. Susquehanna lifted their price objective on shares of Devon Energy from $52.00 to $65.00 and gave the stock a positive rating in a research note on Monday. Morgan Stanley lifted their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the stock an overweight rating in a research note on Monday, April 15th. Piper Sandler lifted their target price on Devon Energy from $59.00 to $60.00 and gave the stock an overweight rating in a research report on Friday, April 19th. Finally, Mizuho decreased their target price on Devon Energy from $54.00 to $53.00 and set a buy rating for the company in a research report on Thursday, January 11th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $58.33.

Devon Energy Trading Down 0.9 %

DVN stock opened at $52.09 on Monday. The firm has a fifty day moving average price of $48.51 and a 200 day moving average price of $46.09. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The firm has a market cap of $33.08 billion, a PE ratio of 8.93 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 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. The company had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. Devon Energy’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.66 earnings per share. Sell-side analysts anticipate that Devon Energy will post 5.2 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $0.44 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.38%. Devon Energy’s payout ratio is currently 15.09%.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Devon Energy in the third quarter valued at about $27,000. Manchester Capital Management LLC purchased a new position in Devon Energy in the fourth quarter valued at about $28,000. Tradewinds Capital Management LLC purchased a new position in Devon Energy in the first quarter valued at about $30,000. Sound Income Strategies LLC grew its stake in Devon Energy by 60.7% in the fourth 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 last quarter. Finally, Rise Advisors LLC grew its stake in Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after purchasing an additional 669 shares during the last quarter. 69.72% of the stock is currently 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.