Devon Energy (NYSE:DVN) Given New $60.00 Price Target at Citigroup

Devon Energy (NYSE:DVN) had its price target trimmed by Citigroup from $67.00 to $60.00 in a report published on Friday,Benzinga reports. The firm currently has a buy rating on the energy company’s stock.

A number of other research firms have also weighed in on DVN. Raymond James Financial increased their target price on shares of Devon Energy from $64.00 to $67.00 and gave the stock a “strong-buy” rating in a report on Monday, September 14th. Wells Fargo & Company cut their target price on Devon Energy from $65.00 to $64.00 and set an “overweight” rating on the stock in a research note on Monday, September 28th. Scotiabank started coverage on Devon Energy in a report on Wednesday, October 14th. They set a “sector outperform” rating and a $61.00 price target on the stock. Truist Financial upped their price target on Devon Energy from $61.00 to $62.00 and gave the company a “buy” rating in a research report on Monday, November 9th. Finally, Sanford C. Bernstein lowered Devon Energy from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $49.00 to $44.00 in a research report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $59.72.

Devon Energy Trading Up 0.7%

DVN traded up $0.34 during trading on Friday, hitting $46.57. 8,358,951 shares of the stock traded hands, compared to its average volume of 11,037,116. The firm has a market capitalization of $53.08 billion, a P/E ratio of 11.64, a price-to-earnings-growth ratio of 1.04 and a beta of 0.43. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.70 and a quick ratio of 0.65. The firm has a 50-day moving average of $48.26 and a 200 day moving average of $46.20. Devon Energy has a 12-month low of $34.23 and a 12-month high of $52.71.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Thursday, November 5th. The energy company reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.09. Devon Energy had a net margin of 16.22% and a return on equity of 14.86%. The business had revenue of $6.86 billion for the quarter, compared to analyst estimates of $6.57 billion. During the same quarter last year, the firm earned $1.04 EPS. The company’s revenue was up 66.5% on a year-over-year basis. Equities research analysts anticipate that Devon Energy will post 5.56 EPS for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Tuesday, December 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, December 15th. Devon Energy’s payout ratio is presently 32.00%.

Insider Buying and Selling at Devon Energy

In related news, CEO Clay Gaspar bought 3,913 shares of the company’s stock in a transaction dated Monday, September 14th. The stock was purchased at an average cost of $51.08 per share, with a total value of $199,876.04. Following the transaction, the chief executive officer owned 619,152 shares in the company, valued at approximately $31,626,284.16. This trade represents a 0.64% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the firm’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $50.95, for a total transaction of $344,218.20. Following the completion of the sale, the executive vice president directly owned 72,720 shares of the company’s stock, valued at approximately $3,705,084. This represents a 8.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 4.58% of the stock is currently owned by corporate insiders.

Institutional Trading of Devon Energy

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Morningstar Investment Management LLC increased its stake in shares of Devon Energy by 51.1% in the 1st quarter. Morningstar Investment Management LLC now owns 86,151 shares of the energy company’s stock worth $4,335,000 after purchasing an additional 29,124 shares in the last quarter. Artemis Investment Management LLP raised its holdings in Devon Energy by 103.8% in the 3rd quarter. Artemis Investment Management LLP now owns 1,465,225 shares of the energy company’s stock worth $67,459,000 after purchasing an additional 746,360 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Devon Energy during the second quarter valued at $33,504,000. Illinois Municipal Retirement Fund lifted its position in Devon Energy by 15.5% during the first quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock valued at $9,801,000 after purchasing an additional 26,209 shares in the last quarter. Finally, NewEdge Wealth LLC lifted its position in Devon Energy by 20.0% during the first quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company’s stock valued at $24,138,000 after purchasing an additional 80,000 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Devon Energy

Investors following DVN have been watching these stories:

• Positive Sentiment: Barclays raised its price target to $59 from $57 and reiterated an “overweight” rating, implying 26.7% upside from the cited share price. Barclays recommendations
• Neutral Sentiment: Citigroup cut its target to $60 from $67 but kept a “buy” rating; the lower target tempers its continued bullish stance. Citigroup recommendations
• Negative Sentiment: Bernstein downgraded DVN to “market perform” from “outperform” and lowered its target to $44 from $49, indicating potential downside from the cited share price. Bernstein downgrade report

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market. Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins. The company’s portfolio has evolved through acquisitions and asset sales over its history.