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

Devon Energy (NYSE:DVN) had its target price reduced by Citigroup from $55.00 to $48.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the energy company’s stock.

A number of other analysts also recently issued reports on DVN. Piper Sandler increased their price target on shares of Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. StockNews.com cut shares of Devon Energy from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. TD Cowen reduced their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. Scotiabank reduced their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Finally, Benchmark restated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $51.15.

Devon Energy Stock Down 1.5 %

DVN stock opened at $37.71 on Tuesday. The firm has a 50 day moving average of $39.91 and a 200 day moving average of $43.81. The stock has a market capitalization of $24.77 billion, a PE ratio of 7.00, a price-to-earnings-growth ratio of 1.25 and a beta of 2.03. 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 52 week low of $37.28 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.65 EPS. Sell-side analysts forecast that Devon Energy will post 4.79 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.33%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Institutional Trading of Devon Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DVN. EnCap Energy Capital Fund XI L.P. acquired a new stake in Devon Energy during the third quarter worth approximately $461,857,000. EnCap Partners GP LLC acquired a new stake in Devon Energy during the third quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in shares of Devon Energy in the 3rd quarter valued at $230,928,000. International Assets Investment Management LLC increased its holdings in shares of Devon Energy by 4,125.7% in the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after acquiring an additional 2,226,983 shares during the period. Finally, Pacer Advisors Inc. increased its holdings in shares of Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after acquiring an additional 1,677,652 shares during the period. Institutional investors and hedge funds 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.