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

Devon Energy (NYSE:DVN - Free Report) had its target price hoisted by Truist Financial from $42.00 to $44.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has a hold rating on the energy company's stock.

Several other brokerages also recently issued reports on DVN. Mizuho decreased their price objective on shares of Devon Energy from $51.00 to $47.00 and set an "outperform" rating for the company in a research note on Monday, December 16th. Wells Fargo & Company cut their price objective on shares of Devon Energy from $49.00 to $43.00 and set an "overweight" rating on the stock in a report on Tuesday, December 17th. JPMorgan Chase & Co. lowered shares of Devon Energy from an "overweight" rating to a "neutral" rating and set a $43.00 price target on the stock. in a report on Thursday, December 5th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $50.00 price target on shares of Devon Energy in a report on Friday, January 10th. Finally, TD Cowen lowered their price objective on shares of Devon Energy from $54.00 to $46.00 and set a "hold" rating for the company in a research note on Tuesday, November 5th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $48.83.

Devon Energy Stock Performance

Shares of NYSE DVN traded down $1.07 during midday trading on Thursday, hitting $37.49. 11,529,242 shares of the stock traded hands, compared to its average volume of 9,796,612. The firm has a 50-day moving average of $34.47 and a two-hundred day moving average of $38.37. The firm has a market capitalization of $24.62 billion, a P/E ratio of 8.22, a PEG ratio of 1.17 and a beta of 1.98. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. Devon Energy has a one year low of $30.39 and a one year high of $55.09.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 return on equity of 22.52% and a net margin of 18.14%. On average, equities analysts forecast that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.24 per share. 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%. This is a boost from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's payout ratio is currently 21.05%.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Hurley Capital LLC purchased a new stake in shares of Devon Energy during the fourth quarter worth about $26,000. Accredited Wealth Management LLC purchased a new stake in shares of Devon Energy during the fourth quarter worth about $28,000. Capital Performance Advisors LLP purchased a new stake in shares of Devon Energy during the third quarter worth about $35,000. Cromwell Holdings LLC increased its stake in shares of Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock worth $40,000 after purchasing an additional 598 shares in the last quarter. Finally, Sierra Ocean LLC purchased a new stake in shares of Devon Energy during the fourth quarter worth about $43,000. Hedge funds and other institutional investors 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.