Devon Energy (NYSE:DVN) Price Target Cut to $71.00 by Analysts at Stifel Nicolaus

Devon Energy (NYSE:DVN – Get Rating) had its price target decreased by Stifel Nicolaus from $75.00 to $71.00 in a research note released on Monday morning, The Fly reports.

DVN has been the topic of several other reports. Morgan Stanley decreased their target price on shares of Devon Energy from $52.00 to $49.00 and set an equal weight rating on the stock in a research report on Wednesday, April 19th. Citigroup decreased their target price on shares of Devon Energy from $77.00 to $66.00 and set a buy rating on the stock in a research report on Thursday, February 23rd. Barclays cut their price target on shares of Devon Energy from $82.00 to $67.00 in a report on Friday, March 17th. StockNews.com downgraded shares of Devon Energy from a hold rating to a sell rating in a report on Wednesday, May 17th. Finally, Piper Sandler cut their price target on shares of Devon Energy from $87.00 to $82.00 in a report on Thursday, May 18th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $69.53.

Devon Energy Stock Performance

NYSE DVN opened at $47.87 on Monday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.09 and a quick ratio of 1.02. The company’s fifty day moving average is $50.74 and its two-hundred day moving average is $57.91. Devon Energy has a 52-week low of $44.03 and a 52-week high of $79.40. The firm has a market capitalization of $31.31 billion, a price-to-earnings ratio of 5.22, a P/E/G ratio of 0.15 and a beta of 2.34.

Devon Energy (NYSE:DVN – Get Rating) last issued its earnings results on Monday, May 8th. The energy company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.07. Devon Energy had a net margin of 31.39% and a return on equity of 47.42%. The business had revenue of $3.82 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same period in the previous year, the business earned $1.88 EPS. The firm’s revenue was up .3% on a year-over-year basis. Equities research analysts forecast that Devon Energy will post 6.31 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 15th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 6.02%. The ex-dividend date of this dividend is Wednesday, June 14th. Devon Energy’s dividend payout ratio is currently 8.72%.

Insider Activity at Devon Energy

In related news, EVP Dennis C. Cameron sold 8,292 shares of the business’s stock in a transaction that occurred on Friday, May 5th. The shares were sold at an average price of $49.97, for a total transaction of $414,351.24. Following the completion of the transaction, the executive vice president now owns 218,418 shares in the company, valued at $10,914,347.46. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.63% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. WFA of San Diego LLC acquired a new position in shares of Devon Energy in the fourth quarter valued at approximately $25,000. Tyler Stone Wealth Management acquired a new position in shares of Devon Energy in the fourth quarter valued at approximately $25,000. Clearview Wealth Advisors LLC acquired a new position in shares of Devon Energy in the first quarter valued at approximately $25,000. Crewe Advisors LLC boosted its holdings in shares of Devon Energy by 16,633.3% in the first quarter. Crewe Advisors LLC now owns 502 shares of the energy company’s stock valued at $25,000 after buying an additional 499 shares during the period. Finally, Tradewinds Capital Management LLC boosted its holdings in Devon Energy by 115.0% during the fourth quarter. Tradewinds Capital Management LLC now owns 430 shares of the energy company’s stock worth $26,000 after purchasing an additional 230 shares during the last quarter. Institutional investors and hedge funds own 78.08% of the company’s stock.

About Devon Energy

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Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.