Devon Energy (NYSE:DVN) PT Lowered to $67.00

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

Other equities research analysts have also issued research reports about the company. Susquehanna boosted their price target on Devon Energy from $52.00 to $65.00 and gave the stock a positive rating in a research note on Monday, April 22nd. Citigroup raised their price target on shares of Devon Energy from $55.00 to $62.00 and gave the stock a buy rating in a report on Thursday, April 11th. Raymond James dropped their price objective on shares of Devon Energy from $53.00 to $52.00 and set an outperform rating on the stock in a report on Wednesday, January 24th. Scotiabank boosted their price target on Devon Energy from $53.00 to $67.00 and gave the company a sector outperform rating in a research note on Thursday, April 11th. Finally, Mizuho raised their price objective on Devon Energy from $53.00 to $57.00 and gave the stock a buy rating in a research note on Thursday, May 2nd. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy has an average rating of Moderate Buy and a consensus price target of $58.44.

Devon Energy Trading Up 0.6 %

NYSE DVN opened at $50.86 on Friday. The firm has a market cap of $32.14 billion, a PE ratio of 9.71 and a beta of 2.16. Devon Energy has a 52 week low of $40.47 and a 52 week high of $55.09. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average price of $49.76 and a 200 day moving average price of $46.27.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.46 earnings per share. As a group, sell-side analysts forecast that Devon Energy will post 5.24 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a $0.22 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.73%. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently modified their holdings of the business. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Devon Energy during the 3rd quarter worth approximately $27,000. Manchester Capital Management LLC acquired a new position in Devon Energy during the fourth quarter worth $28,000. Tradewinds Capital Management LLC purchased a new position in Devon Energy during the first quarter valued at $30,000. Sound Income Strategies LLC grew its position 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 purchasing an additional 255 shares during the period. Finally, Rise Advisors LLC grew its position in shares of Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after purchasing 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.