Devon Energy (NYSE:DVN) Price Target Raised to $44.00 at Truist Financial

Devon Energy (NYSE:DVN - Free Report) had its price objective lifted by Truist Financial from $42.00 to $44.00 in a research report report published on Thursday morning,Benzinga reports. Truist Financial currently has a hold rating on the energy company's stock.

DVN has been the subject of several other research reports. Sanford C. Bernstein upgraded Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 price objective for the company in a report on Wednesday, January 15th. Raymond James raised their target price on Devon Energy from $53.00 to $54.00 and gave the stock an "outperform" rating in a research note on Thursday, January 23rd. Piper Sandler raised their target price on Devon Energy from $53.00 to $54.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 29th. Benchmark restated a "buy" rating and issued a $44.00 target price on shares of Devon Energy in a research note on Thursday. Finally, StockNews.com upgraded Devon Energy from a "sell" rating to a "hold" rating in a research note on Friday, January 3rd. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat, Devon Energy has an average rating of "Moderate Buy" and a consensus target price of $48.83.

Devon Energy Stock Down 2.8 %

Shares of DVN traded down $1.07 during midday trading on Thursday, hitting $37.49. 11,527,878 shares of the company's stock traded hands, compared to its average volume of 9,783,577. Devon Energy has a 1 year low of $30.39 and a 1 year high of $55.09. The firm's fifty day moving average is $34.40 and its 200-day moving average is $38.40. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $24.62 billion, a price-to-earnings ratio of 8.22, a price-to-earnings-growth ratio of 1.17 and a beta of 1.98.

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

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.56%. This is a boost from Devon Energy's previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy's payout ratio is presently 21.05%.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently bought and sold shares of the company. Legacy Investment Solutions LLC acquired a new stake in Devon Energy in the 3rd quarter worth about $8,002,000. Bridgewater Associates LP acquired a new stake in Devon Energy in the 3rd quarter worth about $9,426,000. Petrus Trust Company LTA lifted its stake in Devon Energy by 394.7% in the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company's stock worth $854,000 after purchasing an additional 17,415 shares in the last quarter. CIBC Asset Management Inc lifted its stake in Devon Energy by 6.3% in the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company's stock worth $4,193,000 after purchasing an additional 6,358 shares in the last quarter. Finally, Smead Capital Management Inc. lifted its stake in Devon Energy by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company's stock worth $230,007,000 after purchasing an additional 198,193 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.