Devon Energy (NYSE:DVN) Given New $42.00 Price Target at Truist Financial

Devon Energy (NYSE:DVN) had its target price trimmed by Truist Financial from $43.00 to $42.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a hold rating on the energy company’s stock.

A number of other equities analysts have also recently issued reports on the stock. Wells Fargo & Company decreased their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Susquehanna reduced their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a report on Friday, October 18th. JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a report on Thursday, December 5th. Barclays reduced their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Finally, TD Cowen dropped their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Eleven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $49.43.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $36.84 on Monday. The stock has a market capitalization of $24.20 billion, a price-to-earnings ratio of 6.83, a price-to-earnings-growth ratio of 1.07 and a beta of 2.00. The company has a fifty day moving average of $35.58 and a 200-day moving average of $40.49. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. Devon Energy has a 52-week low of $30.39 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the firm posted $1.65 earnings per share. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities research analysts expect that Devon Energy will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were issued a $0.22 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.39%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently made changes to their positions in DVN. William B. Walkup & Associates Inc. purchased a new stake in Devon Energy during the 2nd quarter valued at $1,026,000. Legacy Investment Solutions LLC bought a new position in shares of Devon Energy during the third quarter valued at $8,002,000. Bridgewater Associates LP purchased a new stake in shares of Devon Energy during the third quarter valued at $9,426,000. Petrus Trust Company LTA increased its holdings in Devon Energy by 394.7% in the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after buying an additional 17,415 shares in the last quarter. Finally, CIBC Asset Management Inc raised its position in Devon Energy by 6.3% in the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after buying an additional 6,358 shares during the last quarter. Hedge funds and other institutional investors 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.