Devon Energy (NYSE:DVN) Price Target Lowered to $43.00 at Sanford C. Bernstein

Devon Energy (NYSE:DVN) had its price target decreased by Sanford C. Bernstein from $48.00 to $43.00 in a research note published on Wednesday, Benzinga reports. Sanford C. Bernstein currently has a market perform rating on the energy company’s stock.

DVN has been the subject of a number of other reports. Truist Financial cut their target price on Devon Energy from $67.00 to $64.00 and set a buy rating for the company in a research note on Tuesday, July 9th. Piper Sandler raised their target price on Devon Energy from $60.00 to $61.00 and gave the stock an overweight rating in a research note on Tuesday, May 14th. Citigroup raised their target price on Devon Energy from $55.00 to $62.00 and gave the stock a buy rating in a research note on Thursday, April 11th. BMO Capital Markets raised Devon Energy to a strong-buy rating in a research report on Wednesday, July 3rd. Finally, Barclays assumed coverage on Devon Energy in a research report on Wednesday, April 10th. They set an equal weight rating and a $59.00 price objective for the company. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $59.25.

Devon Energy Trading Down 1.5 %

Shares of DVN stock opened at $47.74 on Wednesday. The stock’s fifty day moving average is $47.54 and its two-hundred day moving average is $47.11. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The firm has a market capitalization of $30.17 billion, a P/E ratio of 9.11, a PEG ratio of 1.24 and a beta of 2.07. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period last year, the company earned $1.46 EPS. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. Research analysts expect that Devon Energy will post 5.4 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s dividend payout ratio is currently 16.79%.

Insider Buying and Selling at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the transaction, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.73% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently made changes to their positions in DVN. Pacer Advisors Inc. boosted its stake in shares of Devon Energy by 1,279.7% in the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after buying an additional 5,700,167 shares during the period. Vanguard Group Inc. lifted its stake in Devon Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after purchasing an additional 2,559,039 shares during the last quarter. International Assets Investment Management LLC lifted its stake in Devon Energy by 3,885.4% during the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after purchasing an additional 1,652,671 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after purchasing an additional 1,488,374 shares during the last quarter. Finally, Raymond James & Associates lifted its stake in Devon Energy by 8.9% during the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after purchasing an additional 736,449 shares during the last quarter. Hedge funds and other 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.