Devon Energy (NYSE:DVN) Price Target Raised to $44.00

Devon Energy (NYSE:DVN) had its price objective upped by Barclays from $43.00 to $44.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has an equal weight rating on the energy company’s stock.

A number of other research firms have also weighed in on DVN. Cowen lowered shares of Devon Energy to a “hold” rating and dropped their target price for the stock from $46.00 to $45.00 in a report on Tuesday, February 18th. Citigroup decreased their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Truist Financial reduced their price target on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research report on Monday, January 13th. Raymond James raised their price target on shares of Devon Energy from $53.00 to $54.00 and gave the company an “outperform” rating in a research report on Thursday, January 23rd. Finally, Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research report on Friday, January 3rd. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.83.

Devon Energy Stock Performance

NYSE DVN opened at $37.49 on Thursday. The company has a 50-day simple moving average of $34.47 and a two-hundred day simple moving average of $38.35. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy has a 12-month low of $30.39 and a 12-month high of $55.09. The firm has a market cap of $24.33 billion, a price-to-earnings ratio of 8.22, a PEG ratio of 1.20 and a beta of 1.98.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.16. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. On average, equities analysts forecast that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a dividend of $0.24 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.56%. Devon Energy’s payout ratio is 19.30%.

Institutional Trading of Devon Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Devon Energy by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after acquiring an additional 5,465,692 shares during the last quarter. Geode Capital Management LLC boosted its position in Devon Energy by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock valued at $552,830,000 after buying an additional 1,038,305 shares during the period. EnCap Energy Capital Fund XI L.P. purchased a new stake in Devon Energy in the 3rd quarter valued at about $461,857,000. Pacer Advisors Inc. boosted its position in Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after buying an additional 1,677,652 shares during the period. Finally, EnCap Partners GP LLC purchased a new stake in Devon Energy in the 3rd quarter valued at about $408,653,000. 69.72% of the stock is currently owned by institutional investors.

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.