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

Devon Energy (NYSE:DVN) had its price objective lifted by Mizuho from $51.00 to $62.00 in a research report released on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the energy company’s stock.

DVN has been the subject of a number of other reports. JPMorgan Chase & Co. cut their price objective on Devon Energy from $44.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, January 15th. Johnson Rice decreased their target price on Devon Energy from $70.00 to $62.00 and set a “buy” rating on the stock in a research report on Friday, December 5th. Raymond James Financial boosted their price target on shares of Devon Energy from $44.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, February 11th. UBS Group upped their price objective on shares of Devon Energy from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Finally, Wolfe Research increased their price objective on shares of Devon Energy from $58.00 to $64.00 in a report on Monday, March 9th. Twenty-three analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.37.

Devon Energy Price Performance

NYSE:DVN opened at $48.81 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. Devon Energy has a 52 week low of $25.89 and a 52 week high of $49.83. The stock’s 50-day moving average price is $42.24 and its 200-day moving average price is $37.56. The stock has a market capitalization of $30.26 billion, a PE ratio of 11.70, a price-to-earnings-growth ratio of 1.27 and a beta of 0.56.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. The company had revenue of $17.19 billion during the quarter, compared to analysts’ expectations of $3.67 billion. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.Devon Energy’s quarterly revenue was down 6.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.10 EPS. As a group, equities analysts expect that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, March 13th. Devon Energy’s payout ratio is presently 23.02%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. World Investment Advisors lifted its holdings in Devon Energy by 54.3% in the 4th quarter. World Investment Advisors now owns 46,916 shares of the energy company’s stock valued at $1,719,000 after purchasing an additional 16,505 shares in the last quarter. Corient Private Wealth LLC grew its holdings in shares of Devon Energy by 12.7% during the fourth quarter. Corient Private Wealth LLC now owns 116,073 shares of the energy company’s stock worth $4,253,000 after buying an additional 13,124 shares in the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $25,000. Tulsa Wealth Advisors INC purchased a new position in shares of Devon Energy in the fourth quarter worth about $343,000. Finally, Tobam lifted its stake in shares of Devon Energy by 16.4% in the fourth quarter. Tobam now owns 1,633 shares of the energy company’s stock worth $60,000 after buying an additional 230 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Key Headlines Impacting Devon Energy

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Multiple analyst upgrades and a fresh “buy” from Barclays lifted sentiment, helping push the stock to a new 52?week high and fueling recent inflows. Read More.
• Positive Sentiment: Devon is on a multi?session winning streak (now seven sessions), reflecting momentum trading and growing investor appetite for U.S. producers amid geopolitical oil tightness. This streak is cited across coverage and has materially increased market cap. Read More.
• Positive Sentiment: Macro/oil outlook pieces argue that sustained elevated crude prices would disproportionately boost free cash flow at well?managed producers like Devon, supporting buybacks/dividends and valuation expansion. That bullish commodity narrative is underpinning recent upgrades. Read More.
• Neutral Sentiment: Coverage notes Devon has risen ~8.4% since the last earnings report and analysts are re?checking estimates — this explains part of the run but flags that further gains will depend on sustainment of oil prices and execution. Read More.
• Neutral Sentiment: Some research houses (e.g., TD Cowen) are keeping non?committal stances (hold), showing not all Street views are uniformly bullish; that leaves room for mixed trading on any oil price or operational surprise. Read More.
• Negative Sentiment: Coverage reminding investors that lower oil prices would reverse the rally — some pieces outline scenarios where falling crude would hurt producers’ leverage and cash flow, creating downside risk if the oil rally fades. Read More.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.