Devon Energy (NYSE:DVN) Price Target Raised to $60.00 at Piper Sandler

Devon Energy (NYSE:DVN) had its target price raised by Piper Sandler from $59.00 to $60.00 in a research report released on Friday morning, Benzinga reports. The firm currently has an overweight rating on the energy company’s stock.

A number of other equities research analysts have also weighed in on the stock. Raymond James lowered their target price on shares of Devon Energy from $53.00 to $52.00 and set an outperform rating on the stock in a report on Wednesday, January 24th. Citigroup upped their target price on shares of Devon Energy from $55.00 to $62.00 and gave the stock a buy rating in a report on Thursday, April 11th. Morgan Stanley upped their target price on shares of Devon Energy from $49.00 to $50.00 and gave the stock an overweight rating in a report on Monday, April 15th. Stifel Nicolaus lowered their target price on shares of Devon Energy from $75.00 to $65.00 and set a buy rating on the stock in a report on Friday, March 22nd. Finally, Wells Fargo & Company upgraded shares of Devon Energy from an equal weight rating to an overweight rating and upped their target price for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Devon Energy presently has a consensus rating of Moderate Buy and a consensus price target of $58.28.

Devon Energy Price Performance

Shares of NYSE DVN opened at $52.13 on Friday. The firm’s 50-day moving average price is $48.09 and its 200-day moving average price is $45.98. Devon Energy has a 1-year low of $40.47 and a 1-year high of $55.09. The firm has a market capitalization of $33.10 billion, a P/E ratio of 8.94 and a beta of 2.19. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share 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 for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the prior year, the business earned $1.66 earnings per share. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. Equities research analysts anticipate that Devon Energy will post 5.14 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of DVN. International Assets Investment Management LLC grew its position in shares of Devon Energy by 16.2% during the 3rd quarter. International Assets Investment Management LLC now owns 42,535 shares of the energy company’s stock valued at $2,077,000 after acquiring an additional 5,920 shares during the period. Vontobel Holding Ltd. boosted its holdings in Devon Energy by 68.7% in the 3rd quarter. Vontobel Holding Ltd. now owns 68,084 shares of the energy company’s stock worth $3,248,000 after buying an additional 27,733 shares during the period. CWM LLC boosted its holdings in Devon Energy by 76.3% in the 3rd quarter. CWM LLC now owns 26,064 shares of the energy company’s stock worth $1,243,000 after buying an additional 11,279 shares during the period. IFP Advisors Inc boosted its holdings in Devon Energy by 41.4% in the 3rd quarter. IFP Advisors Inc now owns 28,172 shares of the energy company’s stock worth $1,344,000 after buying an additional 8,245 shares during the period. Finally, DnB Asset Management AS boosted its holdings in Devon Energy by 102.3% in the 3rd quarter. DnB Asset Management AS now owns 201,411 shares of the energy company’s stock worth $9,607,000 after buying an additional 101,867 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Company Profile

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.