Devon Energy (NYSE:DVN) PT Lowered to $56.00

Devon Energy (NYSE:DVN) had its price target trimmed by Piper Sandler from $57.00 to $56.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has an overweight rating on the energy company’s stock.

Other analysts also recently issued research reports about the stock. Susquehanna reduced their price target on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Wolfe Research initiated coverage on shares of Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Jefferies Financial Group initiated coverage on shares of Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price target on the stock. StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Finally, BMO Capital Markets reduced their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $52.53.

Devon Energy Trading Up 0.2 %

Shares of DVN opened at $40.66 on Tuesday. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The firm’s 50-day moving average is $42.15 and its two-hundred day moving average is $46.32. Devon Energy has a twelve month low of $37.76 and a twelve month high of $55.09. The firm has a market capitalization of $25.70 billion, a P/E ratio of 7.76, a PEG ratio of 1.27 and a beta of 2.02.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same period in the prior year, the business posted $1.18 earnings per share. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. On average, research analysts predict that Devon Energy will post 5.01 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s payout ratio is currently 16.79%.

Institutional Investors Weigh In On Devon Energy

Several large investors have recently made changes to their positions in DVN. Triad Wealth Partners LLC acquired a new stake in shares of Devon Energy in the second quarter worth $27,000. Tradewinds Capital Management LLC acquired a new stake in shares of Devon Energy in the first quarter worth $30,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Devon Energy in the second quarter worth $34,000. PSI Advisors LLC grew its holdings in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after purchasing an additional 300 shares in the last quarter. Finally, LRI Investments LLC acquired a new stake in Devon Energy during the 1st quarter valued at $39,000. Institutional investors and hedge funds 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.