Mizuho Cuts Devon Energy (NYSE:DVN) Price Target to $43.00

Devon Energy (NYSE:DVN) had its target price reduced by Mizuho from $46.00 to $43.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have an outperform rating on the energy company’s stock.

Other analysts also recently issued research reports about the company. Morgan Stanley set a $47.00 target price on Devon Energy and gave the company an “overweight” rating in a research note on Wednesday, March 26th. Scotiabank cut their target price on Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating on the stock in a research note on Friday, April 11th. Piper Sandler lowered their price target on Devon Energy from $55.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Susquehanna lowered their price target on Devon Energy from $52.00 to $41.00 and set a “positive” rating on the stock in a research report on Tuesday, April 22nd. Finally, UBS Group lowered their price target on Devon Energy from $41.00 to $35.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.83.

Devon Energy Stock Down 1.7%

Shares of Devon Energy stock opened at $33.39 on Tuesday. The business’s fifty day moving average price is $32.52 and its two-hundred day moving average price is $34.60. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The company has a market capitalization of $21.44 billion, a P/E ratio of 7.32, a PEG ratio of 1.20 and a beta of 1.00. Devon Energy has a 1-year low of $25.89 and a 1-year high of $50.24.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.06). The business had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm’s revenue was up 23.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.16 EPS. As a group, research analysts forecast that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date is Friday, June 13th. Devon Energy’s payout ratio is 21.87%.

Hedge Funds Weigh In On Devon Energy

Hedge funds have recently modified their holdings of the stock. Hurley Capital LLC purchased a new position in shares of Devon Energy during the fourth quarter valued at $26,000. Financial Gravity Asset Management Inc. purchased a new position in shares of Devon Energy during the first quarter valued at $26,000. Banque Cantonale Vaudoise purchased a new position in shares of Devon Energy during the first quarter valued at $26,000. Accredited Wealth Management LLC purchased a new position in shares of Devon Energy during the fourth quarter valued at $28,000. Finally, Rakuten Securities Inc. grew its holdings in shares of Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock valued at $31,000 after buying an additional 405 shares in the last quarter. 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.