Devon Energy (NYSE:DVN) Price Target Lowered to $43.00 at Citigroup

Devon Energy (NYSE:DVN - Free Report) had its price target lowered by Citigroup from $46.00 to $43.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has a buy rating on the energy company's stock.

A number of other research firms have also recently commented on DVN. JPMorgan Chase & Co. lowered their price target on Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th. Susquehanna boosted their target price on shares of Devon Energy from $50.00 to $52.00 and gave the stock a "positive" rating in a report on Thursday, February 20th. Williams Trading set a $50.00 target price on shares of Devon Energy in a research report on Wednesday, March 5th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $50.00 price target on shares of Devon Energy in a research note on Friday, January 10th. Finally, Barclays increased their price objective on shares of Devon Energy from $43.00 to $44.00 and gave the company an "equal weight" rating in a report on Thursday, February 20th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Devon Energy has a consensus rating of "Moderate Buy" and a consensus price target of $47.67.

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Devon Energy Price Performance

Shares of DVN traded down $1.17 during mid-day trading on Friday, reaching $27.44. The stock had a trading volume of 6,441,986 shares, compared to its average volume of 8,229,354. The business has a fifty day moving average of $35.08 and a 200 day moving average of $36.58. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The firm has a market cap of $17.81 billion, a price-to-earnings ratio of 5.98, a PEG ratio of 1.20 and a beta of 1.50. Devon Energy has a 12 month low of $27.14 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Equities analysts predict that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.50%. The ex-dividend date was Friday, March 14th. This is an increase from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's dividend payout ratio is 21.05%.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Legacy Investment Solutions LLC purchased a new position in Devon Energy in the 3rd quarter worth about $8,002,000. Klein Pavlis & Peasley Financial Inc. purchased a new position in shares of Devon Energy during the fourth quarter worth approximately $782,000. Fortem Financial Group LLC purchased a new position in shares of Devon Energy during the third quarter worth approximately $583,000. World Investment Advisors LLC raised its stake in shares of Devon Energy by 3,440.3% during the third quarter. World Investment Advisors LLC now owns 149,437 shares of the energy company's stock valued at $5,846,000 after acquiring an additional 145,216 shares in the last quarter. Finally, New York State Teachers Retirement System boosted its holdings in shares of Devon Energy by 4.5% in the fourth quarter. New York State Teachers Retirement System now owns 736,351 shares of the energy company's stock valued at $24,101,000 after purchasing an additional 31,520 shares during the period. 69.72% of the stock is currently owned by institutional investors.

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.