Truist Financial Trims Devon Energy (NYSE:DVN) Target Price to $67.00

Devon Energy (NYSE:DVN) had its price objective lowered by Truist Financial from $69.00 to $67.00 in a research report sent to investors on Friday morning, Benzinga reports. Truist Financial currently has a buy rating on the energy company’s stock.

Several other equities research analysts also recently weighed in on DVN. Morgan Stanley raised their target price on shares of Devon Energy from $49.00 to $50.00 and gave the company an overweight rating in a research note on Monday, April 15th. Susquehanna boosted their target price on shares of Devon Energy from $52.00 to $65.00 and gave the company a positive rating in a research report on Monday, April 22nd. Scotiabank lifted their price objective on Devon Energy from $53.00 to $67.00 and gave the company a sector outperform rating in a research note on Thursday, April 11th. JPMorgan Chase & Co. upped their target price on Devon Energy from $57.00 to $62.00 and gave the stock an overweight rating in a research note on Monday, April 8th. Finally, Piper Sandler lifted their price target on Devon Energy from $59.00 to $60.00 and gave the company an overweight rating in a research report on Friday, April 19th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $58.44.

Devon Energy Trading Up 0.4 %

DVN stock opened at $50.54 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The company has a market capitalization of $31.94 billion, a PE ratio of 9.65 and a beta of 2.16. The firm’s 50-day moving average is $49.62 and its 200 day moving average is $46.25. Devon Energy has a 12 month low of $40.47 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period last year, the firm earned $1.46 earnings per share. On average, research analysts anticipate that Devon Energy will post 5.24 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.74%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Devon Energy during the third quarter worth approximately $27,000. Tradewinds Capital Management LLC acquired a new stake in Devon Energy during the 1st quarter worth $30,000. Manchester Capital Management LLC purchased a new position in Devon Energy during the 4th quarter worth $28,000. Sound Income Strategies LLC increased its stake 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 purchasing an additional 255 shares during the period. Finally, Rise Advisors LLC raised its holdings in shares of 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 last quarter. 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.