Devon Energy (NYSE:DVN) PT Lowered to $57.00

Devon Energy (NYSE:DVN) had its price objective reduced by Piper Sandler from $65.00 to $57.00 in a research report released on Thursday, Benzinga reports. Piper Sandler currently has an overweight rating on the energy company’s stock.

Several other equities analysts also recently commented on DVN. Bank of America reissued a buy rating and issued a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. Sanford C. Bernstein dropped their price target on Devon Energy from $48.00 to $43.00 and set a market perform rating on the stock in a research note on Wednesday, July 17th. Morgan Stanley raised their target price on Devon Energy from $52.00 to $54.00 and gave the company an overweight rating in a research note on Tuesday, July 9th. BMO Capital Markets upgraded shares of Devon Energy to a strong-buy rating in a report on Wednesday, July 3rd. Finally, Royal Bank of Canada reaffirmed a sector perform rating and set a $57.00 target price on shares of Devon Energy in a research report on Tuesday, July 9th. Five analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $58.75.

Devon Energy Stock Down 0.8 %

Devon Energy stock opened at $45.09 on Thursday. The company has a 50 day moving average of $46.16 and a 200-day moving average of $47.41. Devon Energy has a twelve month low of $40.47 and a twelve month high of $55.09. The stock has a market capitalization of $28.50 billion, a PE ratio of 8.60, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same period in the previous year, the business earned $1.18 EPS. Devon Energy’s revenue for the quarter was up 13.4% compared to the same quarter last year. On average, equities research analysts anticipate that Devon Energy will post 5.4 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 1.95%. Devon Energy’s payout ratio is currently 16.79%.

Hedge Funds Weigh In On Devon Energy

A number of large investors have recently added to or reduced their stakes in the company. Quarry LP boosted its position in Devon Energy by 32.1% in the second quarter. Quarry LP now owns 1,832 shares of the energy company’s stock valued at $87,000 after buying an additional 445 shares during the last quarter. William B. Walkup & Associates Inc. purchased a new position in shares of Devon Energy in the 2nd quarter valued at about $1,026,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Devon Energy by 13.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 41,610 shares of the energy company’s stock worth $1,972,000 after buying an additional 4,933 shares during the period. NewEdge Advisors LLC grew its position in shares of Devon Energy by 15.6% in the second quarter. NewEdge Advisors LLC now owns 191,109 shares of the energy company’s stock valued at $9,059,000 after purchasing an additional 25,825 shares during the period. Finally, Nemes Rush Group LLC increased its stake in Devon Energy by 5.8% during the 2nd quarter. Nemes Rush Group LLC now owns 243,432 shares of the energy company’s stock worth $11,539,000 after buying an additional 13,335 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

About Devon Energy

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.