Devon Energy (NYSE:DVN) PT Raised to $60.00

Devon Energy (NYSE:DVN) had its price objective lifted by Piper Sandler from $59.00 to $60.00 in a research note published on Friday morning, Benzinga reports. The firm currently has an overweight rating on the energy company’s stock.

Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. upped their target price on Devon Energy from $57.00 to $62.00 and gave the company an overweight rating in a research note on Monday, April 8th. Royal Bank of Canada reaffirmed a sector perform rating and set a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. UBS Group upped their target price on Devon Energy from $48.00 to $57.00 and gave the company a neutral rating in a research note on Wednesday, April 10th. Citigroup upped their target price on Devon Energy from $55.00 to $62.00 and gave the company a buy rating in a research note on Thursday, April 11th. Finally, Stifel Nicolaus dropped their price objective on Devon Energy from $75.00 to $65.00 and set a buy rating on the stock in a research note on Friday, March 22nd. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $57.94.

Devon Energy Trading Up 0.8 %

Shares of DVN stock opened at $51.85 on Friday. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The stock’s 50 day simple moving average is $47.89 and its two-hundred day simple moving average is $45.90. The company has a market cap of $32.92 billion, a PE ratio of 8.89 and a beta of 2.19.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.66 earnings per share. Research analysts predict that Devon Energy will post 5.14 earnings per share for the current year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.39%. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.

Institutional Trading of Devon Energy

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Canada Pension Plan Investment Board bought a new stake in Devon Energy during the 1st quarter valued at $26,000. Fortis Capital Advisors LLC purchased a new stake in shares of Devon Energy during the 4th quarter valued at $31,000. KB Financial Partners LLC purchased a new stake in shares of Devon Energy during the 1st quarter valued at $26,000. Coppell Advisory Solutions LLC purchased a new stake in shares of Devon Energy during the 2nd quarter valued at $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Devon Energy during the 3rd quarter valued at $27,000. Institutional investors 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.