Devon Energy (NYSE:DVN) Price Target Cut to $57.00 by Analysts at Piper Sandler

Devon Energy (NYSE:DVN) had its price target decreased by Piper Sandler from $58.00 to $57.00 in a research report released on Thursday,Benzinga reports. Piper Sandler currently has an overweight rating on the energy company’s stock.

Several other equities research analysts have also weighed in on the stock. Wells Fargo & Company set a $43.00 target price on shares of Devon Energy and gave the stock an “overweight” rating in a report on Tuesday. The Goldman Sachs Group upped their target price on shares of Devon Energy from $38.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Wall Street Zen raised shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Thursday, May 15th. JPMorgan Chase & Co. upped their target price on shares of Devon Energy from $40.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. Finally, Tudor, Pickering, Holt & Co. lifted their price target on Devon Energy from $42.00 to $44.00 in a report on Thursday, July 3rd. Eleven analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $43.93.

Devon Energy Price Performance

NYSE:DVN opened at $33.88 on Thursday. The company has a 50-day moving average of $33.22 and a 200-day moving average of $33.17. The company has a market capitalization of $21.50 billion, a price-to-earnings ratio of 7.60, a PEG ratio of 1.91 and a beta of 1.07. Devon Energy has a 52 week low of $25.89 and a 52 week high of $46.04. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the prior year, the firm earned $1.41 EPS. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Monday, September 15th. Devon Energy’s dividend payout ratio is currently 21.52%.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of the company’s stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director owned 31,801 shares in the company, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cantor Fitzgerald Investment Advisors L.P. increased its holdings in Devon Energy by 10.8% in the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company’s stock valued at $10,210,000 after purchasing an additional 26,519 shares during the last quarter. Merit Financial Group LLC lifted its holdings in Devon Energy by 209.5% during the first quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company’s stock worth $848,000 after acquiring an additional 15,351 shares in the last quarter. Autumn Glory Partners LLC lifted its holdings in Devon Energy by 93.6% during the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company’s stock worth $1,547,000 after acquiring an additional 20,000 shares in the last quarter. Intact Investment Management Inc. bought a new position in Devon Energy during the first quarter worth about $2,524,000. Finally, Praxis Investment Management Inc. lifted its holdings in Devon Energy by 41.8% during the first quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company’s stock worth $1,758,000 after acquiring an additional 13,860 shares in the last quarter. Institutional investors 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.