Devon Energy (NYSE:DVN) Price Target Cut to $46.00 by Analysts at Raymond James

Devon Energy (NYSE:DVN - Free Report) had its price objective decreased by Raymond James from $54.00 to $46.00 in a research report sent to investors on Monday morning,Benzinga reports. Raymond James currently has an outperform rating on the energy company's stock.

DVN has been the topic of a number of other research reports. JPMorgan Chase & Co. downgraded shares of Devon Energy from an "overweight" rating to a "neutral" rating and set a $43.00 target price on the stock. in a research report on Thursday, December 5th. Cowen lowered shares of Devon Energy to a "hold" rating and cut their price objective for the company from $46.00 to $45.00 in a report on Tuesday, February 18th. Wells Fargo & Company lowered their target price on Devon Energy from $49.00 to $43.00 and set an "overweight" rating for the company in a report on Tuesday, December 17th. Piper Sandler lifted their price target on Devon Energy from $54.00 to $55.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Finally, StockNews.com raised Devon Energy from a "sell" rating to a "hold" rating in a research report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $48.58.

Remove Ads

Devon Energy Trading Up 1.1 %

NYSE:DVN traded up $0.38 during midday trading on Monday, hitting $34.79. The stock had a trading volume of 7,615,132 shares, compared to its average volume of 7,853,699. The stock has a 50-day moving average of $35.32 and a 200 day moving average of $37.49. The company has a market capitalization of $22.58 billion, a price-to-earnings ratio of 7.63, a PEG ratio of 1.20 and a beta of 1.91. Devon Energy has a one year low of $30.39 and a one year high of $55.09. 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 (NYSE:DVN - Get Free Report) last posted 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 for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. As a group, sell-side analysts forecast that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.24 dividend. 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 2.76%. This is a boost from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's dividend payout ratio (DPR) is currently 21.05%.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently made changes to their positions in the stock. Hurley Capital LLC acquired a new stake in Devon Energy during the 4th quarter worth about $26,000. Accredited Wealth Management LLC purchased a new position in shares of Devon Energy in the fourth quarter worth about $28,000. Capital Performance Advisors LLP acquired a new stake in shares of Devon Energy during the third quarter worth about $35,000. Cromwell Holdings LLC boosted its position in Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock valued at $40,000 after buying an additional 598 shares during the last quarter. Finally, Sierra Ocean LLC acquired a new position in Devon Energy in the 4th quarter worth approximately $43,000. 69.72% of the stock is owned by hedge funds and other 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.