Susquehanna Raises Devon Energy (NYSE:DVN) Price Target to $65.00

Devon Energy (NYSE:DVN) had its target price lifted by Susquehanna from $52.00 to $65.00 in a research note released on Monday, Benzinga reports. They currently have a positive rating on the energy company’s stock.

DVN has been the topic of a number of other research reports. Piper Sandler lifted their price objective on shares of Devon Energy from $59.00 to $60.00 and gave the company an overweight rating in a research note on Friday, April 19th. Royal Bank of Canada reiterated a sector perform rating and set a $55.00 price objective on shares of Devon Energy in a research note on Thursday, March 7th. Truist Financial dropped their price objective on shares of Devon Energy from $69.00 to $66.00 and set a buy rating on the stock in a research note on Friday, April 5th. Barclays initiated coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They issued an equal weight rating and a $59.00 price target for the company. Finally, UBS Group lifted their price target on shares of Devon Energy from $48.00 to $57.00 and gave the stock a neutral rating in a research note on Wednesday, April 10th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $58.33.

Devon Energy Trading Down 0.9 %

Shares of DVN stock opened at $52.09 on Monday. The stock has a market cap of $33.08 billion, a price-to-earnings ratio of 8.93 and a beta of 2.19. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The firm’s 50 day moving average price is $48.51 and its two-hundred day moving average price is $46.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.66 earnings per share. On average, analysts anticipate that Devon Energy will post 5.2 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.38%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is 15.09%.

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently modified their holdings of DVN. Pacer Advisors Inc. boosted its holdings in shares of Devon Energy by 1,279.7% during the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after acquiring an additional 5,700,167 shares during the period. J.P. Morgan Private Wealth Advisors LLC acquired a new position in shares of Devon Energy during the third quarter valued at $113,793,000. Morgan Stanley boosted its holdings in shares of Devon Energy by 23.6% during the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after acquiring an additional 2,220,194 shares during the period. International Assets Investment Management LLC boosted its holdings in shares of Devon Energy by 3,885.4% during the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock valued at $76,793,000 after acquiring an additional 1,652,671 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Devon Energy by 26.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after purchasing an additional 1,488,374 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.