Devon Energy (NYSE:DVN) PT Raised to $65.00

Devon Energy (NYSE:DVN) had its price target raised by Susquehanna from $52.00 to $65.00 in a report issued on Monday, Benzinga reports. They currently have a positive rating on the energy company’s stock.

Other equities research analysts have also recently issued reports about the stock. Mizuho cut their price objective on shares of Devon Energy from $54.00 to $53.00 and set a buy rating on the stock in a research report on Thursday, January 11th. Stifel Nicolaus decreased their target price on shares of Devon Energy from $75.00 to $65.00 and set a buy rating for the company in a research report on Friday, March 22nd. Piper Sandler raised their price objective on Devon Energy from $59.00 to $60.00 and gave the company an overweight rating in a report on Friday, April 19th. Wells Fargo & Company raised Devon Energy from an equal weight rating to an overweight rating and increased their price target for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Finally, Citigroup increased their price objective on Devon Energy from $55.00 to $62.00 and gave the company a buy rating in a report on Thursday, April 11th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $58.33.

Devon Energy Stock Performance

DVN stock opened at $52.62 on Monday. Devon Energy has a 1-year low of $40.47 and a 1-year high of $55.09. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The firm has a market cap of $33.41 billion, a PE ratio of 9.02 and a beta of 2.19. The business’s 50-day moving average price is $48.70 and its two-hundred day moving average price is $46.13.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.02. The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. Devon Energy’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.66 EPS. As a group, research analysts forecast that Devon Energy will post 5.22 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.35%. Devon Energy’s payout ratio is presently 15.09%.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently added to or reduced their stakes in DVN. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Devon Energy during the third quarter worth $27,000. Manchester Capital Management LLC bought a new stake in shares of Devon Energy during the 4th quarter worth $28,000. Tradewinds Capital Management LLC acquired a new stake in Devon Energy in the first quarter valued at about $30,000. Sound Income Strategies LLC grew its position 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 acquiring an additional 255 shares during the last quarter. Finally, Rise Advisors LLC raised its stake in Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after acquiring an additional 669 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.