Piper Sandler Forecasts Strong Price Appreciation for Devon Energy (NYSE:DVN) Stock

Devon Energy (NYSE:DVN) had its target price increased by Piper Sandler from $56.00 to $57.00 in a research report released on Monday,Benzinga reports. The firm currently has an overweight rating on the energy company’s stock.

Other equities analysts also recently issued reports about the company. Wells Fargo & Company reduced their price objective on Devon Energy from $50.00 to $49.00 and set an “overweight” rating for the company in a research report on Thursday, November 7th. BMO Capital Markets reduced their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Susquehanna decreased their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Barclays cut their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Finally, Mizuho reduced their price objective on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $51.85.

Devon Energy Stock Performance

DVN stock opened at $38.77 on Monday. Devon Energy has a 1 year low of $37.76 and a 1 year high of $55.09. The stock has a market capitalization of $25.47 billion, a price-to-earnings ratio of 7.19, a PEG ratio of 1.20 and a beta of 2.03. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The stock’s fifty day moving average is $39.94 and its two-hundred day moving average is $44.08.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. Devon Energy’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period last year, the firm posted $1.65 EPS. On average, research analysts predict that Devon Energy will post 4.81 EPS for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s payout ratio is 16.33%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of DVN. Geode Capital Management LLC boosted its position in Devon Energy by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after acquiring an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Devon Energy in the third quarter worth approximately $461,857,000. Pacer Advisors Inc. lifted its position in shares of Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares in the last quarter. EnCap Partners GP LLC acquired a new stake in shares of Devon Energy during the third quarter worth approximately $408,653,000. Finally, Victory Capital Management Inc. grew its position in Devon Energy by 3.8% during the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after purchasing an additional 361,968 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.