Devon Energy (NYSE:DVN) Price Target Cut to $47.00 by Analysts at UBS Group

Devon Energy (NYSE:DVN) had its target price reduced by UBS Group from $53.00 to $47.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a neutral rating on the energy company’s stock.

A number of other research firms also recently issued reports on DVN. Susquehanna dropped their price objective on shares of Devon Energy from $65.00 to $63.00 and set a positive rating on the stock in a research note on Wednesday, September 4th. Piper Sandler cut their price target on Devon Energy from $65.00 to $57.00 and set an overweight rating on the stock in a report on Thursday, August 15th. Sanford C. Bernstein decreased their price objective on Devon Energy from $48.00 to $43.00 and set a market perform rating for the company in a research note on Wednesday, July 17th. Wells Fargo & Company cut their target price on Devon Energy from $57.00 to $55.00 and set an overweight rating on the stock in a research note on Wednesday, August 14th. Finally, Bank of America reissued a buy rating and set a $64.00 price target on shares of Devon Energy in a research report on Friday, June 14th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Devon Energy has an average rating of Moderate Buy and a consensus target price of $57.00.

Devon Energy Trading Down 0.2 %

DVN opened at $40.37 on Wednesday. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The stock’s fifty day moving average is $44.39 and its two-hundred day moving average is $47.39. The company has a market capitalization of $25.51 billion, a P/E ratio of 7.70, a PEG ratio of 1.13 and a beta of 2.03. Devon Energy has a 52 week low of $39.02 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same quarter last year, the firm posted $1.18 earnings per share. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. Analysts forecast that Devon Energy will post 5.36 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.18%. The ex-dividend date is Friday, September 13th. Devon Energy’s payout ratio is 16.79%.

Institutional Trading of Devon Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DVN. Triad Wealth Partners LLC purchased a new position in shares of Devon Energy in the second quarter worth about $27,000. Tradewinds Capital Management LLC acquired a new stake in Devon Energy during the 1st quarter valued at approximately $30,000. 1620 Investment Advisors Inc. acquired a new stake in Devon Energy during the 2nd quarter valued at approximately $34,000. Jones Financial Companies Lllp boosted its holdings in shares of Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after acquiring an additional 374 shares during the last quarter. Finally, PSI Advisors LLC raised its holdings in shares of Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after purchasing an additional 300 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.