Devon Energy (NYSE:DVN) Price Target Raised to $58.00

Devon Energy (NYSE:DVN) had its price target upped by Wolfe Research from $57.00 to $58.00 in a research note issued to investors on Wednesday,MarketScreener reports. Wolfe Research currently has an outperform rating on the energy company’s stock.

Several other equities research analysts have also commented on the stock. Sanford C. Bernstein cut their price objective on shares of Devon Energy from $48.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, January 5th. Zacks Research cut Devon Energy from a “hold” rating to a “strong sell” rating in a research report on Monday, January 26th. Morgan Stanley reduced their price objective on Devon Energy from $48.00 to $46.00 and set an “overweight” rating for the company in a research report on Friday, January 23rd. Barclays raised Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $42.00 to $50.00 in a report on Wednesday, February 4th. Finally, The Goldman Sachs Group raised their price target on Devon Energy from $40.00 to $42.00 and gave the company a “buy” rating in a report on Thursday, November 13th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $47.31.

Devon Energy Price Performance

Shares of DVN stock opened at $44.30 on Wednesday. The business’s fifty day moving average is $38.92 and its 200 day moving average is $36.12. The company has a quick ratio of 0.87, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. The stock has a market cap of $27.46 billion, a price-to-earnings ratio of 10.62, a PEG ratio of 4.12 and a beta of 0.61. Devon Energy has a twelve month low of $25.89 and a twelve month high of $46.15.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. The firm had revenue of $17.19 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The company’s quarterly revenue was down 6.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.10 EPS. Research analysts expect that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. Devon Energy’s dividend payout ratio (DPR) is 23.02%.

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp grew its position in shares of Devon Energy by 0.6% during the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock valued at $1,301,914,000 after acquiring an additional 212,074 shares during the period. Geode Capital Management LLC lifted its position in Devon Energy by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock valued at $700,238,000 after purchasing an additional 186,743 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Devon Energy by 17.5% during the fourth quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after purchasing an additional 2,071,021 shares during the period. Dimensional Fund Advisors LP increased its position in Devon Energy by 6.3% in the third quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company’s stock worth $327,938,000 after buying an additional 552,068 shares in the last quarter. Finally, Kimmeridge Energy Management Company LLC increased its position in Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after buying an additional 3,195,862 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.