Devon Energy (NYSE:DVN) Given New $48.00 Price Target at BMO Capital Markets

Devon Energy (NYSE:DVN) had its price target decreased by BMO Capital Markets from $50.00 to $48.00 in a research report report published on Monday morning,MarketScreener reports. BMO Capital Markets currently has an outperform rating on the energy company’s stock.

A number of other equities analysts have also recently issued reports on the company. The Goldman Sachs Group raised their target price on Devon Energy from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, November 13th. JPMorgan Chase & Co. raised shares of Devon Energy from a “neutral” rating to an “overweight” rating and lowered their target price for the company from $49.00 to $44.00 in a research note on Monday, December 8th. William Blair initiated coverage on shares of Devon Energy in a report on Monday, August 25th. They issued an “outperform” rating on the stock. Morgan Stanley boosted their price target on shares of Devon Energy from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Piper Sandler lowered their price target on Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday, November 18th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $44.83.

Devon Energy Trading Down 2.1%

DVN opened at $35.43 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.87. The company has a market cap of $22.22 billion, a price-to-earnings ratio of 8.36, a price-to-earnings-growth ratio of 2.85 and a beta of 0.62. The firm has a 50 day simple moving average of $34.67 and a 200 day simple moving average of $34.12. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $38.88.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, November 5th. The energy company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. The firm had revenue of $0.00 million during the quarter, compared to analyst estimates of $4.10 billion. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. During the same quarter in the previous year, the business earned $1.10 EPS. On average, sell-side analysts anticipate that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.96 annualized dividend and a yield of 2.7%. Devon Energy’s payout ratio is 22.59%.

Institutional Trading of Devon Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Opal Wealth Advisors LLC acquired a new position in Devon Energy during the second quarter valued at approximately $25,000. Caldwell Trust Co bought a new stake in shares of Devon Energy during the 2nd quarter worth approximately $25,000. PFS Partners LLC acquired a new stake in shares of Devon Energy in the 3rd quarter valued at approximately $25,000. First Horizon Corp bought a new position in shares of Devon Energy in the third quarter valued at $26,000. Finally, Accredited Wealth Management LLC increased its holdings in Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after buying an additional 308 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Company Profile

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.