Devon Energy (NYSE:DVN) Price Target Raised to $65.00 at Susquehanna

Devon Energy (NYSE:DVN) had its price objective lifted by Susquehanna from $52.00 to $65.00 in a research report sent to investors on Monday, Benzinga reports. They currently have a positive rating on the energy company’s stock.

Several other equities analysts also recently issued reports on DVN. UBS Group lifted their price target on shares of Devon Energy from $48.00 to $57.00 and gave the company a neutral rating in a report on Wednesday, April 10th. Morgan Stanley boosted their target price on shares of Devon Energy from $49.00 to $50.00 and gave the stock an overweight rating in a research note on Monday, April 15th. Royal Bank of Canada reaffirmed a sector perform rating and issued a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. Raymond James dropped their target price on shares of Devon Energy from $53.00 to $52.00 and set an outperform rating for the company in a research note on Wednesday, January 24th. Finally, Piper Sandler boosted their target price on shares of Devon Energy from $59.00 to $60.00 and gave the stock an overweight rating in a research note on Friday, April 19th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $58.33.

Devon Energy Trading Down 0.9 %

Shares of DVN stock opened at $52.09 on Monday. Devon Energy has a 12-month low of $40.47 and a 12-month high of $55.09. The company has a market capitalization of $33.08 billion, a P/E ratio of 8.93 and a beta of 2.19. The firm has a 50-day moving average price of $48.51 and a 200 day moving average price of $46.09. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period last year, the firm posted $1.66 EPS. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. Research analysts forecast that Devon Energy will post 5.2 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio is currently 15.09%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Lord Abbett & CO. LLC grew its holdings in Devon Energy by 15.5% during the third quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock valued at $26,221,000 after purchasing an additional 73,570 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Devon Energy by 2.7% in the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock valued at $17,974,000 after buying an additional 9,823 shares during the period. Atria Investments Inc boosted its holdings in shares of Devon Energy by 64.4% in the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock valued at $2,606,000 after buying an additional 21,400 shares during the period. Pearl River Capital LLC boosted its holdings in shares of Devon Energy by 367.7% in the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after buying an additional 58,997 shares during the period. Finally, Argent Trust Co boosted its holdings in shares of Devon Energy by 22.1% in the third quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock valued at $4,140,000 after buying an additional 15,715 shares during the period. Institutional investors and hedge funds 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.