Devon Energy (NYSE:DVN) Price Target Cut to $67.00 by Analysts at Truist Financial

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

A number of other research analysts also recently issued reports on DVN. Susquehanna increased their price objective on Devon Energy from $52.00 to $65.00 and gave the stock a positive rating in a report on Monday, April 22nd. Piper Sandler lifted their price objective on shares of Devon Energy from $59.00 to $60.00 and gave the company an overweight rating in a report on Friday, April 19th. UBS Group increased their target price on shares of Devon Energy from $48.00 to $57.00 and gave the stock a neutral rating in a report on Wednesday, April 10th. Citigroup lifted their price target on shares of Devon Energy from $55.00 to $62.00 and gave the company a buy rating in a research note on Thursday, April 11th. Finally, Raymond James reduced their price objective on shares of Devon Energy from $53.00 to $52.00 and set an outperform rating for the company in a research note on Wednesday, January 24th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $58.44.

Devon Energy Stock Up 0.4 %

DVN traded up $0.20 during trading on Friday, reaching $50.54. The company had a trading volume of 8,953,763 shares, compared to its average volume of 7,073,719. The company has a market cap of $32.09 billion, a P/E ratio of 9.65 and a beta of 2.16. Devon Energy has a 12 month low of $40.47 and a 12 month high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.99. The business’s fifty day moving average price is $49.62 and its 200 day moving average price is $46.31.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.10 by $0.06. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm’s revenue was down 5.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.46 EPS. Equities analysts anticipate that Devon Energy will post 5.28 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.74%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio is 16.79%.

Hedge Funds Weigh In On Devon Energy

Several institutional investors and hedge funds have recently modified their holdings of the stock. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Devon Energy during the 3rd quarter worth approximately $27,000. Tradewinds Capital Management LLC acquired a new stake in shares of Devon Energy during the first quarter worth $30,000. Manchester Capital Management LLC bought a new stake in shares of Devon Energy in the fourth quarter valued at about $28,000. Sound Income Strategies LLC grew its stake in shares of 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 acquiring an additional 255 shares in the last quarter. Finally, Rise Advisors LLC increased its position in Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after acquiring an additional 669 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.