Scotiabank Cuts Devon Energy (NYSE:DVN) Price Target to $41.00

Devon Energy (NYSE:DVN) had its price objective decreased by Scotiabank from $45.00 to $41.00 in a research note published on Monday morning, MarketBeat Ratings reports. Scotiabank currently has a sector perform rating on the energy company’s stock.

DVN has been the subject of several other research reports. Weiss Ratings upgraded Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, January 28th. Mizuho set a $51.00 price objective on Devon Energy in a report on Tuesday, February 3rd. Sanford C. Bernstein cut their price objective on Devon Energy from $48.00 to $42.00 and set an “outperform” rating for the company in a research report on Monday, January 5th. Morgan Stanley decreased their target price on Devon Energy from $48.00 to $46.00 and set an “overweight” rating on the stock in a research report on Friday, January 23rd. Finally, The Goldman Sachs Group lifted their price target on shares of Devon Energy from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $47.23.

Devon Energy Stock Performance

DVN opened at $42.61 on Monday. The firm has a fifty day moving average price of $39.34 and a 200 day moving average price of $36.36. Devon Energy has a 1 year low of $25.89 and a 1 year high of $46.15. The stock has a market cap of $26.42 billion, a P/E ratio of 10.22, a P/E/G ratio of 4.11 and a beta of 0.61. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.90.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. The company had revenue of $17.19 billion for the quarter, compared to analyst estimates of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The firm’s revenue was down 6.4% on a year-over-year basis. During the same quarter last year, the business earned $1.10 earnings per share. Equities research analysts anticipate that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a $0.24 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.96 dividend on an annualized basis and a yield of 2.3%. Devon Energy’s dividend payout ratio (DPR) is presently 23.02%.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds have recently modified their holdings of the business. Caldwell Trust Co acquired a new position in Devon Energy during the second quarter worth about $25,000. PFS Partners LLC purchased a new position in Devon Energy in the 3rd quarter worth approximately $25,000. First Horizon Corp acquired a new position in shares of Devon Energy during the 3rd quarter worth approximately $26,000. Accredited Wealth Management LLC grew its position in shares of Devon Energy by 61.6% in the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after purchasing an additional 308 shares in the last quarter. Finally, Ameriflex Group Inc. grew its position in shares of Devon Energy by 702.0% in the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after purchasing an additional 702 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

About Devon Energy

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.