Citigroup Cuts Devon Energy (NYSE:DVN) Price Target to $43.00

Devon Energy (NYSE:DVN) had its price objective trimmed by Citigroup from $46.00 to $43.00 in a report published on Friday,Benzinga reports. The brokerage currently has a buy rating on the energy company’s stock.

Several other analysts have also commented on DVN. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Friday, January 3rd. Williams Trading set a $50.00 target price on Devon Energy in a research note on Wednesday, March 5th. Barclays upped their price target on Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Cowen lowered Devon Energy to a “hold” rating and lowered their price objective for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. Finally, Morgan Stanley set a $47.00 target price on shares of Devon Energy and gave the stock an “overweight” rating in a research report on Wednesday, March 26th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $48.17.

Devon Energy Price Performance

DVN opened at $29.30 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The stock has a market capitalization of $19.01 billion, a PE ratio of 6.42, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The stock’s 50 day moving average price is $35.22 and its 200-day moving average price is $36.67. Devon Energy has a 52-week low of $29.06 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. On average, equities research analysts predict that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a dividend of $0.24 per share. The ex-dividend date was Friday, March 14th. This represents a $0.96 annualized dividend and a yield of 3.28%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is currently 21.05%.

Institutional Trading of Devon Energy

A number of large investors have recently made changes to their positions in the stock. FMR LLC raised its stake in Devon Energy by 39.8% during the 3rd quarter. FMR LLC now owns 1,722,145 shares of the energy company’s stock valued at $67,370,000 after buying an additional 489,964 shares during the last quarter. Benjamin Edwards Inc. grew its holdings in shares of Devon Energy by 2,431.2% in the third quarter. Benjamin Edwards Inc. now owns 15,744 shares of the energy company’s stock worth $616,000 after acquiring an additional 15,122 shares during the period. Hilltop Holdings Inc. increased its position in Devon Energy by 8.6% during the third quarter. Hilltop Holdings Inc. now owns 15,231 shares of the energy company’s stock valued at $596,000 after acquiring an additional 1,210 shares during the last quarter. Investment Management Corp of Ontario lifted its holdings in Devon Energy by 48.3% in the third quarter. Investment Management Corp of Ontario now owns 20,884 shares of the energy company’s stock valued at $817,000 after acquiring an additional 6,800 shares during the period. Finally, Integrated Wealth Concepts LLC boosted its position in Devon Energy by 29.8% in the third quarter. Integrated Wealth Concepts LLC now owns 30,881 shares of the energy company’s stock worth $1,208,000 after purchasing an additional 7,087 shares during the last quarter. 69.72% of the stock is currently owned by 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.