Devon Energy (NYSE:DVN) PT Lowered to $50.00

Devon Energy (NYSE:DVN) had its price objective reduced by Wells Fargo & Company from $55.00 to $50.00 in a research note released on Tuesday, Benzinga reports. They currently have an overweight rating on the energy company’s stock.

Other research analysts also recently issued research reports about the stock. Truist Financial dropped their target price on shares of Devon Energy from $60.00 to $49.00 and set a buy rating on the stock in a report on Monday, September 30th. Evercore ISI decreased their target price on Devon Energy from $55.00 to $50.00 and set an in-line rating for the company in a research note on Monday, September 30th. StockNews.com downgraded Devon Energy from a buy rating to a hold rating in a research report on Monday, September 2nd. BMO Capital Markets raised Devon Energy to a strong-buy rating in a research report on Wednesday, July 3rd. Finally, Wolfe Research started coverage on shares of Devon Energy in a research report on Thursday, July 18th. They set a peer perform rating on the stock. Eight equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $53.79.

Devon Energy Stock Performance

DVN stock opened at $42.41 on Tuesday. The firm has a 50 day simple moving average of $42.74 and a 200 day simple moving average of $46.87. Devon Energy has a 52 week low of $37.76 and a 52 week high of $55.09. The stock has a market cap of $26.80 billion, a P/E ratio of 8.09, a P/E/G ratio of 1.22 and a beta of 2.02. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same quarter last year, the firm earned $1.18 earnings per share. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. Research analysts anticipate that Devon Energy will post 5.11 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $0.22 per share. The ex-dividend date was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.07%. Devon Energy’s payout ratio is presently 16.79%.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds have recently made changes to their positions in DVN. Triad Wealth Partners LLC acquired a new position in Devon Energy in the second quarter worth $27,000. Tradewinds Capital Management LLC acquired a new position in Devon Energy during the 1st quarter worth about $30,000. 1620 Investment Advisors Inc. bought a new stake in Devon Energy during the 2nd quarter worth about $34,000. Jones Financial Companies Lllp increased its position in Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after acquiring an additional 374 shares in the last quarter. Finally, PSI Advisors LLC raised its stake in shares of Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after acquiring an additional 300 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

About Devon Energy

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.