Mizuho Cuts Devon Energy (NYSE:DVN) Price Target to $46.00

Devon Energy (NYSE:DVN - Free Report) had its target price lowered by Mizuho from $49.00 to $46.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Mizuho currently has an outperform rating on the energy company's stock.

Several other research analysts also recently weighed in on the stock. Royal Bank of Canada restated a "sector perform" rating and set a $50.00 price objective on shares of Devon Energy in a report on Friday, January 10th. Raymond James dropped their price target on shares of Devon Energy from $54.00 to $46.00 and set an "outperform" rating on the stock in a research report on Monday, March 10th. Morgan Stanley set a $47.00 price target on Devon Energy and gave the company an "overweight" rating in a research note on Wednesday, March 26th. Truist Financial increased their price objective on Devon Energy from $42.00 to $44.00 and gave the stock a "hold" rating in a research note on Thursday, February 20th. Finally, Wells Fargo & Company cut their target price 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. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.08.

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Devon Energy Trading Up 1.7 %

NYSE DVN traded up $0.48 on Wednesday, reaching $28.23. The company had a trading volume of 12,096,764 shares, compared to its average volume of 8,392,362. The firm has a market cap of $18.32 billion, a price-to-earnings ratio of 6.19, a P/E/G ratio of 1.20 and a beta of 1.50. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $55.09. The business has a 50 day moving average of $34.38 and a two-hundred day moving average of $36.14. 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 (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.16. The business had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Analysts forecast that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.40%. This is an increase 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 Trading of Devon Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of DVN. Hurley Capital LLC bought a new position in Devon Energy in the fourth quarter worth approximately $26,000. Accredited Wealth Management LLC purchased a new stake in shares of Devon Energy in the 4th quarter worth $28,000. Cromwell Holdings LLC grew its position 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 worth $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 fourth quarter valued at $43,000. Finally, Endeavor Private Wealth Inc. bought a new stake in shares of Devon Energy in the fourth quarter valued at about $52,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

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.