Devon Energy (NYSE:DVN) Price Target Raised to $69.00

Devon Energy (NYSE:DVN) had its price target increased by Truist Financial from $66.00 to $69.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the energy company’s stock.

DVN has been the subject of several other reports. JPMorgan Chase & Co. increased their target price on shares of Devon Energy from $57.00 to $62.00 and gave the company an overweight rating in a research note on Monday, April 8th. Morgan Stanley boosted their price target on shares of Devon Energy from $49.00 to $50.00 and gave the company an overweight rating in a report on Monday, April 15th. Mizuho cut their price target on shares of Devon Energy from $54.00 to $53.00 and set a buy rating on the stock in a report on Thursday, January 11th. Barclays initiated coverage on shares of Devon Energy in a report on Wednesday, April 10th. They set an equal weight rating and a $59.00 price target on the stock. Finally, Wells Fargo & Company upgraded shares of Devon Energy from an equal weight rating to an overweight rating and boosted their price target for the company from $46.00 to $59.00 in a report on Monday, April 1st. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Devon Energy presently has a consensus rating of Moderate Buy and a consensus target price of $58.33.

Devon Energy Stock Up 1.0 %

DVN stock opened at $52.62 on Monday. Devon Energy has a 12 month low of $40.47 and a 12 month high of $55.09. The firm has a market cap of $33.41 billion, a PE ratio of 9.02 and a beta of 2.19. The firm has a 50 day simple moving average of $48.70 and a 200 day simple moving average of $46.13. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the business earned $1.66 earnings per share. The business’s quarterly revenue was down 3.6% on a year-over-year basis. Equities research analysts forecast that Devon Energy will post 5.22 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.35%. Devon Energy’s dividend payout ratio (DPR) is 15.09%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Morgan Stanley increased its stake in shares of Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares during the last quarter. Raymond James & Associates boosted its holdings in shares of Devon Energy by 8.9% during the 1st quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after buying an additional 736,449 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Devon Energy by 0.8% during the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after buying an additional 68,339 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after buying an additional 1,488,374 shares during the period. Finally, Northern Trust Corp boosted its holdings in shares of Devon Energy by 1.2% during the 3rd quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock worth $323,145,000 after buying an additional 82,607 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.