Devon Energy (NYSE:DVN) Given New $35.00 Price Target at UBS Group

Devon Energy (NYSE:DVN - Free Report) had its price target reduced by UBS Group from $41.00 to $35.00 in a report published on Monday,Benzinga reports. UBS Group currently has a neutral rating on the energy company's stock.

Several other analysts have also commented on the company. Benchmark reissued a "buy" rating and issued a $44.00 price objective on shares of Devon Energy in a report on Thursday, February 20th. Barclays boosted their price target on shares of Devon Energy from $43.00 to $44.00 and gave the stock an "equal weight" rating in a report on Thursday, February 20th. Sanford C. Bernstein raised shares of Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 price objective on the stock in a report on Wednesday, January 15th. Cowen cut shares of Devon Energy to a "hold" rating and cut their target price for the stock from $46.00 to $45.00 in a research note on Tuesday, February 18th. Finally, Morgan Stanley set a $47.00 price objective on Devon Energy and gave the stock an "overweight" rating in a report on Wednesday, March 26th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $47.08.

Devon Energy Stock Performance

Shares of NYSE DVN traded up $0.48 during midday trading on Monday, reaching $28.23. 12,096,764 shares of the stock were exchanged, compared to its average volume of 8,388,909. 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 firm 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. The firm has a 50-day simple moving average of $34.50 and a two-hundred day simple moving average of $36.22. Devon Energy has a twelve month low of $25.89 and a twelve month high of $55.09.

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Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data 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 company had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.25 billion. As a group, analysts anticipate that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.40%. This is a positive change from Devon Energy's previous quarterly dividend of $0.22. The ex-dividend date was Friday, March 14th. Devon Energy's dividend payout ratio is presently 21.05%.

Institutional Investors Weigh In On Devon Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hurley Capital LLC purchased a new stake in Devon Energy in the 4th quarter valued at about $26,000. Accredited Wealth Management LLC acquired a new stake in shares of Devon Energy during the fourth quarter valued at about $28,000. Cromwell Holdings LLC lifted its holdings in shares of Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock worth $40,000 after acquiring an additional 598 shares during the last quarter. Sierra Ocean LLC acquired a new position in shares of Devon Energy in the 4th quarter worth approximately $43,000. Finally, Endeavor Private Wealth Inc. purchased a new position in shares of Devon Energy during the 4th quarter worth approximately $52,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

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.