Piper Sandler Has Lowered Expectations for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN - Free Report) had its price objective lowered by Piper Sandler from $55.00 to $54.00 in a research note issued to investors on Tuesday morning, MarketBeat.com reports. Piper Sandler currently has an overweight rating on the energy company's stock.

Other research analysts also recently issued research reports about the company. Wolfe Research raised Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 price target for the company in a report on Friday, January 3rd. UBS Group decreased their price target on shares of Devon Energy from $41.00 to $35.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Barclays lifted their price target on shares of Devon Energy from $43.00 to $44.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 20th. Truist Financial increased their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a research note on Thursday, February 20th. Finally, Sanford C. Bernstein raised shares of Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 target price for the company in a research report on Wednesday, January 15th. Ten investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $44.83.

Devon Energy Stock Down 0.6 %

NYSE DVN traded down $0.20 on Tuesday, reaching $31.27. The company had a trading volume of 676,428 shares, compared to its average volume of 8,483,973. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. Devon Energy has a 1 year low of $25.89 and a 1 year high of $53.20. The firm has a 50-day moving average of $33.63 and a 200-day moving average of $35.53. The firm has a market capitalization of $20.30 billion, a PE ratio of 6.85, a P/E/G ratio of 1.20 and a beta of 1.50.

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

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Friday, March 14th. This is a positive change from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's payout ratio is 21.05%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Essex Financial Services Inc. boosted its holdings in shares of Devon Energy by 17.4% in the first quarter. Essex Financial Services Inc. now owns 24,995 shares of the energy company's stock valued at $935,000 after acquiring an additional 3,704 shares in the last quarter. Jeppson Wealth Management LLC bought a new position in Devon Energy during the first quarter valued at about $218,000. Allspring Global Investments Holdings LLC boosted its position in shares of Devon Energy by 38.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 847,759 shares of the energy company's stock valued at $31,850,000 after purchasing an additional 236,624 shares in the last quarter. U S Global Investors Inc. bought a new stake in shares of Devon Energy in the 1st quarter worth approximately $374,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Devon Energy by 1.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 76,384 shares of the energy company's stock valued at $2,808,000 after purchasing an additional 892 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

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.