Devon Energy (NYSE:DVN) Given New $66.00 Price Target at Stifel Nicolaus

Devon Energy (NYSE:DVN) had its price target raised by Stifel Nicolaus from $65.00 to $66.00 in a research report released on Tuesday morning, Benzinga reports. They currently have a buy rating on the energy company’s stock.

DVN has been the subject of several other reports. Truist Financial boosted their price target on Devon Energy from $66.00 to $69.00 and gave the company a buy rating in a research note on Monday. Mizuho cut their price target on Devon Energy from $54.00 to $53.00 and set a buy rating for the company in a research note on Thursday, January 11th. Royal Bank of Canada reiterated a sector perform rating and issued a $55.00 price target on shares of Devon Energy in a research note on Thursday, March 7th. Barclays initiated coverage on 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, Morgan Stanley boosted their price target on Devon Energy from $49.00 to $50.00 and gave the company an overweight rating in a research note on Monday, April 15th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Devon Energy has an average rating of Moderate Buy and an average price target of $58.33.

Devon Energy Trading Up 0.8 %

Shares of NYSE:DVN opened at $52.57 on Tuesday. Devon Energy has a 12-month low of $40.47 and a 12-month high of $55.09. The stock has a market cap of $33.38 billion, a PE ratio of 9.02 and a beta of 2.19. The business has a 50 day moving average of $48.30 and a 200-day moving average of $46.05. 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 (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the company posted $1.66 earnings per share. The business’s revenue was down 3.6% on a year-over-year basis. As a group, equities research analysts forecast that Devon Energy will post 5.14 earnings per share for the current year.

Devon Energy Cuts Dividend

The business 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. The ex-dividend date 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 presently 15.09%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Morgan Stanley grew its stake in shares of Devon Energy by 23.6% in the third 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 grew its stake in shares of Devon Energy by 8.9% in the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after purchasing an additional 736,449 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Devon Energy by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after purchasing an additional 68,339 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of 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 last quarter. Finally, Northern Trust Corp grew its stake in shares of Devon Energy by 1.2% in the third quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock worth $323,145,000 after purchasing an additional 82,607 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.