Devon Energy (NYSE:DVN) Price Target Cut to $53.00 by Analysts at Piper Sandler

Devon Energy (NYSE:DVN) had its target price reduced by Piper Sandler from $56.00 to $53.00 in a report issued on Tuesday,Benzinga reports. Piper Sandler currently has an overweight rating on the energy company’s stock.

A number of other brokerages have also weighed in on DVN. Scotiabank decreased their price objective on Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating on the stock in a report on Friday, April 11th. Royal Bank of Canada decreased their price objective on Devon Energy from $49.00 to $40.00 and set a “sector perform” rating on the stock in a report on Monday, April 14th. Citigroup decreased their price objective on Devon Energy from $46.00 to $43.00 and set a “buy” rating on the stock in a report on Friday, April 4th. Wells Fargo & Company reduced their price target on Devon Energy from $46.00 to $44.00 and set an “overweight” rating on the stock in a report on Monday, April 14th. Finally, Truist Financial lifted their price target on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.78.

Devon Energy Price Performance

Devon Energy stock opened at $34.29 on Tuesday. The company’s fifty day moving average price is $32.56 and its 200 day moving average price is $34.64. Devon Energy has a 1 year low of $25.89 and a 1 year high of $50.24. The stock has a market capitalization of $22.06 billion, a P/E ratio of 7.52, a P/E/G ratio of 1.20 and a beta of 1.00. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). The firm had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.31 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.16 EPS. As a group, equities research analysts anticipate that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.80%. The ex-dividend date is Friday, June 13th. Devon Energy’s dividend payout ratio is currently 21.87%.

Hedge Funds Weigh In On Devon Energy

Institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP grew its position in shares of Devon Energy by 12.9% during the first quarter. Wellington Management Group LLP now owns 117,048 shares of the energy company’s stock worth $4,378,000 after buying an additional 13,403 shares in the last quarter. Korea Investment CORP grew its position in shares of Devon Energy by 23.7% during the first quarter. Korea Investment CORP now owns 1,029,252 shares of the energy company’s stock worth $38,494,000 after buying an additional 197,512 shares in the last quarter. Aptus Capital Advisors LLC grew its position in shares of Devon Energy by 2,186.9% during the first quarter. Aptus Capital Advisors LLC now owns 438,810 shares of the energy company’s stock worth $16,411,000 after buying an additional 419,622 shares in the last quarter. Aviso Financial Inc. grew its position in shares of Devon Energy by 2.6% during the first quarter. Aviso Financial Inc. now owns 19,080 shares of the energy company’s stock worth $714,000 after buying an additional 490 shares in the last quarter. Finally, Northern Trust Corp grew its position in shares of Devon Energy by 5.1% during the first quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company’s stock worth $245,987,000 after buying an additional 316,460 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

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.