Devon Energy (NYSE:DVN) Price Target Raised to $44.00

Devon Energy (NYSE:DVN) had its price objective raised by Jefferies Financial Group from $36.00 to $44.00 in a research report report published on Monday morning,MarketScreener reports.

Other analysts have also recently issued reports about the company. Piper Sandler upped their target price on Devon Energy from $55.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, March 5th. BMO Capital Markets lifted their price target on Devon Energy from $45.00 to $55.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 3rd. Raymond James Financial boosted their price objective on Devon Energy from $44.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, February 11th. Weiss Ratings raised Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, January 28th. Finally, TD Cowen upgraded shares of Devon Energy to a “hold” rating in a research report on Monday, February 9th. Twenty-three analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $48.54.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $45.35 on Monday. Devon Energy has a 12 month low of $25.89 and a 12 month high of $46.15. The firm has a market capitalization of $28.12 billion, a P/E ratio of 10.88, a P/E/G ratio of 4.42 and a beta of 0.56. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.90. The company’s fifty day moving average price is $40.93 and its 200 day moving average price is $37.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.01. The company had revenue of $17.19 billion during the quarter, compared to the consensus estimate of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. Devon Energy’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.10 earnings per share. As a group, sell-side analysts predict that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, March 13th. Devon Energy’s dividend payout ratio is 23.02%.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of DVN. Caldwell Trust Co acquired a new position in Devon Energy in the 2nd quarter valued at $25,000. PFS Partners LLC acquired a new stake in shares of Devon Energy in the 3rd quarter worth $25,000. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Devon Energy in the 4th quarter worth $25,000. First Horizon Corp purchased a new stake in shares of Devon Energy in the third quarter valued at about $26,000. Finally, Accredited Wealth Management LLC increased its stake in shares of Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after acquiring an additional 308 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Company Profile

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.