Royal Bank of Canada Lowers Devon Energy (NYSE:DVN) Price Target to $40.00

Devon Energy (NYSE:DVN - Free Report) had its target price lowered by Royal Bank of Canada from $49.00 to $40.00 in a research report report published on Monday morning,Benzinga reports. The brokerage currently has a sector perform rating on the energy company's stock.

DVN has been the topic of several other research reports. Susquehanna lifted their price target on shares of Devon Energy from $50.00 to $52.00 and gave the company a "positive" rating in a report on Thursday, February 20th. Wells Fargo & Company decreased their price objective on Devon Energy from $46.00 to $44.00 and set an "overweight" rating for the company in a report on Monday. Morgan Stanley set a $47.00 target price on shares of Devon Energy and gave the company an "overweight" rating in a research note on Wednesday, March 26th. Sanford C. Bernstein raised Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 target price on the stock in a research report on Wednesday, January 15th. Finally, UBS Group dropped their price target on Devon Energy from $41.00 to $35.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat, Devon Energy currently has an average rating of "Moderate Buy" and a consensus target price of $46.71.

Devon Energy Stock Up 3.4 %

DVN stock traded up $0.99 on Monday, reaching $30.29. 10,348,261 shares of the company traded hands, compared to its average volume of 8,456,363. Devon Energy has a one year low of $25.89 and a one year high of $53.20. The company has a market cap of $19.66 billion, a P/E ratio of 6.64, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The firm has a fifty day simple moving average of $33.92 and a 200-day simple moving average of $35.83. 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 announced its quarterly earnings results 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 firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Research analysts anticipate that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.24 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.17%. This is a positive change from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's dividend payout ratio (DPR) is currently 21.05%.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds have recently modified their holdings of DVN. Vanguard Group Inc. raised its stake in Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company's stock valued at $2,640,727,000 after buying an additional 5,465,692 shares during the period. Raymond James Financial Inc. acquired a new stake in Devon Energy during the 4th quarter worth approximately $154,170,000. Fuller & Thaler Asset Management Inc. boosted its stake in shares of Devon Energy by 42.8% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company's stock valued at $340,236,000 after purchasing an additional 3,114,656 shares during the last quarter. Marshall Wace LLP raised its holdings in shares of Devon Energy by 135.5% during the fourth quarter. Marshall Wace LLP now owns 5,371,518 shares of the energy company's stock valued at $175,810,000 after purchasing an additional 3,090,585 shares during the period. Finally, Invesco Ltd. lifted its position in Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company's stock valued at $309,682,000 after acquiring an additional 2,335,473 shares in the last quarter. Institutional investors and hedge funds 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.