Devon Energy (NYSE:DVN) Price Target Lowered to $35.00 at Scotiabank

Devon Energy (NYSE:DVN - Free Report) had its price target trimmed by Scotiabank from $45.00 to $35.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a sector outperform rating on the energy company's stock.

Several other brokerages also recently commented on DVN. UBS Group cut their price objective on shares of Devon Energy from $41.00 to $35.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Piper Sandler raised their price target on shares of Devon Energy from $54.00 to $55.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. Wells Fargo & Company lowered their price objective on Devon Energy from $49.00 to $43.00 and set an "overweight" rating on the stock in a research report on Tuesday, December 17th. Morgan Stanley set a $47.00 target price on Devon Energy and gave the stock an "overweight" rating in a report on Wednesday, March 26th. Finally, Raymond James dropped their price objective on Devon Energy from $54.00 to $46.00 and set an "outperform" rating on the stock in a research report on Monday, March 10th. Ten investment 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, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $47.08.

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Devon Energy Stock Up 1.7 %

Shares of DVN stock traded up $0.48 during trading hours on Friday, hitting $28.23. 12,096,764 shares of the company's stock traded hands, compared to its average volume of 8,392,362. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The stock's fifty day simple moving average is $34.38 and its two-hundred day simple moving average is $36.14. Devon Energy has a 12-month low of $25.89 and a 12-month high of $55.09. The stock has a market cap of $18.32 billion, a price-to-earnings ratio of 6.19, a PEG ratio of 1.20 and a beta of 1.50.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.25 billion. On average, analysts expect 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 was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $0.24 dividend. This is a boost from Devon Energy's previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a yield of 3.40%. Devon Energy's dividend payout ratio is presently 21.05%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Hurley Capital LLC bought a new stake in Devon Energy during the 4th quarter worth approximately $26,000. Accredited Wealth Management LLC bought a new stake in shares of Devon Energy during the 4th quarter valued at $28,000. Cromwell Holdings LLC lifted its stake in shares of Devon Energy by 98.0% during the 4th 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 in the last quarter. Sierra Ocean LLC purchased a new position in shares of Devon Energy during the 4th quarter valued at $43,000. Finally, Endeavor Private Wealth Inc. bought a new position in Devon Energy in the 4th quarter worth $52,000. 69.72% of the stock is owned by hedge funds and other 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.