Devon Energy (NYSE:DVN) Price Target Cut to $60.00 by Analysts at Scotiabank

Devon Energy (NYSE:DVN) had its price objective lowered by Scotiabank from $67.00 to $60.00 in a research report sent to investors on Friday morning, Benzinga reports. The brokerage currently has a sector outperform rating on the energy company’s stock.

DVN has been the topic of a number of other reports. BMO Capital Markets upgraded Devon Energy to a strong-buy rating in a research note on Wednesday, July 3rd. Royal Bank of Canada reiterated a sector perform rating and set a $57.00 target price on shares of Devon Energy in a research note on Tuesday, July 9th. Susquehanna reissued a positive rating and issued a $65.00 price objective on shares of Devon Energy in a report on Tuesday, July 9th. JPMorgan Chase & Co. lifted their price objective on Devon Energy from $62.00 to $64.00 and gave the stock an overweight rating in a report on Monday, July 8th. Finally, Piper Sandler lifted their price objective on Devon Energy from $60.00 to $61.00 and gave the stock an overweight rating in a report on Tuesday, May 14th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $59.56.

Devon Energy Price Performance

Shares of DVN opened at $48.05 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The business’s fifty day moving average is $47.73 and its 200 day moving average is $47.04. Devon Energy has a 12-month low of $40.47 and a 12-month high of $55.09. The stock has a market cap of $30.37 billion, a P/E ratio of 9.17, a P/E/G ratio of 1.20 and a beta of 2.07.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.46 EPS. Sell-side analysts anticipate that Devon Energy will post 5.35 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date was Friday, June 14th. Devon Energy’s dividend payout ratio is currently 16.79%.

Insider Activity

In related news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

Several large investors have recently bought and sold shares of the company. Diversified Trust Co grew its position in Devon Energy by 44.1% in the 3rd quarter. Diversified Trust Co now owns 8,642 shares of the energy company’s stock valued at $412,000 after acquiring an additional 2,644 shares in the last quarter. Graham Capital Management L.P. acquired a new stake in shares of Devon Energy in the 3rd quarter worth approximately $285,000. Wellington Management Group LLP raised its position in Devon Energy by 140.1% during the third quarter. Wellington Management Group LLP now owns 157,640 shares of the energy company’s stock worth $7,519,000 after acquiring an additional 91,993 shares during the last quarter. Headinvest LLC acquired a new position in Devon Energy during the third quarter worth about $77,000. Finally, Anchor Investment Management LLC purchased a new stake in shares of Devon Energy during the fourth quarter worth about $130,000. 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.