Truist Financial Issues Pessimistic Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN - Free Report) had its price objective cut by Truist Financial from $43.00 to $42.00 in a report released on Monday morning,Benzinga reports. They currently have a hold rating on the energy company's stock.

A number of other equities research analysts have also weighed in on the stock. Susquehanna lowered their price target on shares of Devon Energy from $63.00 to $62.00 and set a "positive" rating for the company in a report on Friday, October 18th. TD Cowen lowered their price objective on Devon Energy from $54.00 to $46.00 and set a "hold" rating for the company in a research note on Tuesday, November 5th. Raymond James cut their target price on Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Wells Fargo & Company decreased their price target on shares of Devon Energy from $49.00 to $43.00 and set an "overweight" rating for the company in a research report on Tuesday, December 17th. Finally, Piper Sandler reduced their price objective on shares of Devon Energy from $57.00 to $53.00 and set an "overweight" rating on the stock in a research note on Tuesday, December 17th. Eleven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy has an average rating of "Moderate Buy" and an average price target of $49.43.

Devon Energy Trading Up 2.4 %

Shares of NYSE DVN traded up $0.85 during midday trading on Monday, hitting $36.84. The stock had a trading volume of 12,186,464 shares, compared to its average volume of 11,430,712. The company has a market capitalization of $24.20 billion, a price-to-earnings ratio of 6.83, a PEG ratio of 1.07 and a beta of 2.00. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy has a 1-year low of $30.39 and a 1-year high of $55.09. The company has a fifty day moving average price of $35.58 and a 200 day moving average price of $40.49.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion for the quarter, compared to analysts' expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm's quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.65 earnings per share. On average, analysts predict that Devon Energy will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a $0.22 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.39%. Devon Energy's dividend payout ratio is 16.33%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Capital Performance Advisors LLP bought a new position in Devon Energy in the 3rd quarter worth $35,000. Future Financial Wealth Managment LLC bought a new stake in shares of Devon Energy in the third quarter valued at about $39,000. True Wealth Design LLC raised its holdings in Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company's stock valued at $44,000 after acquiring an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. boosted its position in shares of Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company's stock valued at $49,000 after acquiring an additional 290 shares in the last quarter. Finally, Activest Wealth Management lifted its stake in shares of Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company's stock valued at $50,000 after purchasing an additional 480 shares during the period. 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.