Devon Energy (NYSE:DVN) Price Target Lowered to $43.00 at Citigroup

Devon Energy (NYSE:DVN) had its target price reduced by Citigroup from $46.00 to $43.00 in a report published on Friday morning,Benzinga reports. Citigroup currently has a buy rating on the energy company’s stock.

DVN has been the subject of several other research reports. Morgan Stanley set a $47.00 price target on Devon Energy and gave the company an “overweight” rating in a research note on Wednesday, March 26th. Susquehanna raised their price target on shares of Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a report on Thursday, February 20th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a research note on Friday, January 10th. Benchmark reissued a “buy” rating and set a $44.00 target price on shares of Devon Energy in a research note on Thursday, February 20th. Finally, Piper Sandler upped their price target on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.17.

Devon Energy Stock Down 11.7 %

Shares of NYSE DVN opened at $29.30 on Friday. Devon Energy has a 1 year low of $29.06 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The firm has a market cap of $19.01 billion, a PE ratio of 6.42, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The company has a 50 day simple moving average of $35.22 and a 200 day simple moving average of $36.72.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. On average, research analysts forecast that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.24 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 3.28%. Devon Energy’s payout ratio is presently 21.05%.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Hurley Capital LLC bought a new position in shares of Devon Energy during the 4th quarter worth $26,000. Accredited Wealth Management LLC purchased a new position in Devon Energy in the fourth quarter worth $28,000. Cromwell Holdings LLC increased its stake in Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after acquiring an additional 598 shares during the last quarter. Sierra Ocean LLC purchased a new stake in Devon Energy during the fourth quarter valued at about $43,000. Finally, Endeavor Private Wealth Inc. purchased a new position in shares of Devon Energy in the 4th quarter worth about $52,000. 69.72% of the stock is owned by hedge funds and other 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.