Devon Energy (NYSE:DVN) Price Target Lowered to $51.00 at Morgan Stanley

Devon Energy (NYSE:DVN) had its price objective decreased by Morgan Stanley from $55.00 to $51.00 in a report issued on Monday morning, Benzinga reports. Morgan Stanley currently has an overweight rating on the energy company’s stock.

Several other analysts have also recently issued reports on the company. Susquehanna reduced their price objective on Devon Energy from $65.00 to $63.00 and set a positive rating on the stock in a research note on Wednesday, September 4th. JPMorgan Chase & Co. reduced their price objective on Devon Energy from $64.00 to $51.00 and set an overweight rating on the stock in a research note on Thursday, September 12th. StockNews.com cut Devon Energy from a buy rating to a hold rating in a research note on Monday, September 2nd. BMO Capital Markets upgraded Devon Energy to a strong-buy rating in a research note on Wednesday, July 3rd. Finally, Bank of America reiterated a buy rating and issued a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of Moderate Buy and a consensus price target of $57.63.

Devon Energy Trading Up 0.5 %

DVN opened at $39.64 on Monday. Devon Energy has a 52 week low of $39.02 and a 52 week high of $55.09. The business has a fifty day simple moving average of $44.50 and a 200-day simple moving average of $47.42. The firm has a market cap of $25.05 billion, a P/E ratio of 7.56, a P/E/G ratio of 1.13 and a beta of 2.03. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same period last year, the business posted $1.18 earnings per share. The company’s quarterly revenue was up 13.4% on a year-over-year basis. On average, equities analysts expect that Devon Energy will post 5.36 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s payout ratio is currently 16.79%.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Triad Wealth Partners LLC acquired a new position in Devon Energy in the 2nd quarter valued at about $27,000. Tradewinds Capital Management LLC acquired a new stake in Devon Energy during the 1st quarter worth approximately $30,000. 1620 Investment Advisors Inc. acquired a new stake in Devon Energy during the 2nd quarter worth approximately $34,000. Jones Financial Companies Lllp lifted its position in Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares during the period. Finally, PSI Advisors LLC lifted its position in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after acquiring an additional 300 shares during the period. 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.