Devon Energy (NYSE:DVN) Price Target Cut to $63.00

Devon Energy (NYSE:DVN) had its target price lowered by Susquehanna from $65.00 to $63.00 in a research report released on Wednesday, Benzinga reports. The firm currently has a positive rating on the energy company’s stock.

A number of other research firms also recently commented on DVN. JPMorgan Chase & Co. lifted their price objective on shares of Devon Energy from $62.00 to $64.00 and gave the stock an overweight rating in a report on Monday, July 8th. BMO Capital Markets raised shares of Devon Energy to a strong-buy rating in a research report on Wednesday, July 3rd. Morgan Stanley raised their target price on shares of Devon Energy from $52.00 to $54.00 and gave the stock an overweight rating in a report on Tuesday, July 9th. Bank of America reaffirmed a buy rating and set a $64.00 target price on shares of Devon Energy in a report on Friday, June 14th. Finally, StockNews.com cut Devon Energy from a buy rating to a hold rating in a research report on Monday, September 2nd. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Devon Energy currently has a consensus rating of Moderate Buy and an average price target of $58.63.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $41.33 on Wednesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09. The firm’s 50-day simple moving average is $45.39 and its 200-day simple moving average is $47.53. The firm has a market cap of $26.12 billion, a PE ratio of 7.89, a price-to-earnings-growth ratio of 1.26 and a beta of 2.03.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.15. The firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. Devon Energy’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.18 earnings per share. Equities analysts forecast that Devon Energy will post 5.37 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a $0.22 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.13%. Devon Energy’s dividend payout ratio is presently 16.79%.

Institutional Trading of Devon Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Triad Wealth Partners LLC acquired a new position in shares of Devon Energy during the second quarter valued at approximately $27,000. Tradewinds Capital Management LLC bought a new position in Devon Energy during the 1st quarter valued at $30,000. Manchester Capital Management LLC acquired a new position in shares of Devon Energy during the 4th quarter valued at $28,000. 1620 Investment Advisors Inc. acquired a new position in shares of Devon Energy during the 2nd quarter valued at $34,000. Finally, Jones Financial Companies Lllp raised its stake in shares of Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after buying an additional 374 shares in the last quarter. 69.72% of the stock is currently owned by 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.