Stifel Nicolaus Increases Devon Energy (NYSE:DVN) Price Target to $66.00

Devon Energy (NYSE:DVN) had its price objective upped by Stifel Nicolaus from $65.00 to $66.00 in a report published on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the energy company’s stock.

Other equities research analysts have also recently issued reports about the stock. Citigroup increased their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the company a buy rating in a research note on Thursday, April 11th. Mizuho lowered their price objective on shares of Devon Energy from $54.00 to $53.00 and set a buy rating on the stock in a research note on Thursday, January 11th. Wells Fargo & Company raised shares of Devon Energy from an equal weight rating to an overweight rating and increased their price objective for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Raymond James lowered their price objective on shares of Devon Energy from $53.00 to $52.00 and set an outperform rating on the stock in a research note on Wednesday, January 24th. Finally, Royal Bank of Canada reissued a sector perform rating and issued a $55.00 price objective on shares of Devon Energy in a research note on Thursday, March 7th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $58.33.

Devon Energy Stock Performance

NYSE:DVN opened at $52.72 on Tuesday. 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 stock has a market cap of $33.48 billion, a PE ratio of 9.04 and a beta of 2.19. The firm’s fifty day simple moving average is $48.88 and its 200-day simple moving average is $46.18.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.66 EPS. Analysts expect that Devon Energy will post 5.25 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.34%. Devon Energy’s payout ratio is currently 15.09%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of DVN. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Devon Energy in the third quarter valued at approximately $27,000. Manchester Capital Management LLC purchased a new position in Devon Energy in the fourth quarter valued at approximately $28,000. Tradewinds Capital Management LLC purchased a new position in Devon Energy in the first quarter valued at approximately $30,000. Sound Income Strategies LLC raised its holdings in Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after buying an additional 255 shares during the period. Finally, Rise Advisors LLC raised its holdings in Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after buying an additional 669 shares during the period. 69.72% of the stock is currently owned by hedge funds and other 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.