Devon Energy (NYSE:DVN) Price Target Raised to $62.00 at Mizuho

Devon Energy (NYSE:DVN) had its price target hoisted by Mizuho from $60.00 to $62.00 in a research report released on Monday, Marketbeat.com reports. Mizuho currently has a buy rating on the energy company’s stock.

Other equities analysts have also issued reports about the stock. Wells Fargo & Company lowered their price objective on shares of Devon Energy from $52.00 to $51.00 and set an equal weight rating on the stock in a research report on Friday, September 1st. Raymond James lowered their price objective on shares of Devon Energy from $70.00 to $62.00 and set a strong-buy rating on the stock in a research report on Monday, July 24th. The Goldman Sachs Group raised Devon Energy from a neutral rating to a buy rating and reduced their target price for the company from $63.00 to $58.00 in a report on Tuesday, June 13th. UBS Group raised their target price on Devon Energy from $53.00 to $55.00 and gave the company a neutral rating in a report on Thursday, August 17th. Finally, Morgan Stanley raised their target price on Devon Energy from $49.00 to $50.00 and gave the company an equal weight rating in a report on Tuesday, July 18th. Seven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $63.83.

Devon Energy Stock Performance

Shares of DVN opened at $49.50 on Monday. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.55. The firm has a market cap of $31.71 billion, a PE ratio of 6.77, a price-to-earnings-growth ratio of 0.18 and a beta of 2.34. The company’s 50 day simple moving average is $51.05 and its 200-day simple moving average is $50.43. Devon Energy has a 12-month low of $44.03 and a 12-month high of $78.82.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 1st. The energy company reported $1.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.18. The business had revenue of $3.45 billion for the quarter, compared to analyst estimates of $3.26 billion. Devon Energy had a net margin of 28.10% and a return on equity of 37.89%. The company’s revenue for the quarter was down 38.6% compared to the same quarter last year. During the same period last year, the firm posted $2.59 earnings per share. As a group, equities analysts predict that Devon Energy will post 5.61 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a $0.49 dividend. This represents a $1.96 annualized dividend and a yield of 3.96%. The ex-dividend date is Thursday, September 14th. Devon Energy’s dividend payout ratio (DPR) is 10.94%.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Dennis C. Cameron sold 7,870 shares of Devon Energy stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $51.13, for a total value of $402,393.10. Following the completion of the sale, the executive vice president now owns 210,548 shares in the company, valued at approximately $10,765,319.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.63% of the stock is owned by company insiders.

Institutional Trading of Devon Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Simplicity Solutions LLC grew its holdings in shares of Devon Energy by 247.3% during the 1st quarter. Simplicity Solutions LLC now owns 30,114 shares of the energy company’s stock worth $1,524,000 after purchasing an additional 21,442 shares during the period. ProShare Advisors LLC grew its holdings in shares of Devon Energy by 9.8% during the 1st quarter. ProShare Advisors LLC now owns 183,900 shares of the energy company’s stock worth $9,307,000 after purchasing an additional 16,361 shares during the period. Clear Creek Financial Management LLC grew its holdings in shares of Devon Energy by 6.7% during the 1st quarter. Clear Creek Financial Management LLC now owns 8,656 shares of the energy company’s stock worth $438,000 after purchasing an additional 546 shares during the period. VitalStone Financial LLC boosted its holdings in Devon Energy by 615.7% in the 1st quarter. VitalStone Financial LLC now owns 30,632 shares of the energy company’s stock worth $1,354,000 after acquiring an additional 26,352 shares during the period. Finally, Aviva PLC boosted its holdings in Devon Energy by 23.4% in the 4th quarter. Aviva PLC now owns 368,272 shares of the energy company’s stock worth $16,394,000 after acquiring an additional 69,819 shares during the period. Hedge funds and other institutional investors own 68.34% of the company’s stock.

About Devon Energy

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.