Mizuho Boosts Devon Energy (NYSE:DVN) Price Target to $57.00

Devon Energy (NYSE:DVN) had its target price lifted by Mizuho from $53.00 to $57.00 in a report issued on Thursday morning, Benzinga reports. They currently have a buy rating on the energy company’s stock.

Other research analysts have also issued reports about the stock. Wells Fargo & Company upgraded shares of Devon Energy from an equal weight rating to an overweight rating and boosted their price objective for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Piper Sandler increased their price objective on shares of Devon Energy from $59.00 to $60.00 and gave the company an overweight rating in a research report on Friday, April 19th. Scotiabank increased their price target on shares of Devon Energy from $53.00 to $67.00 and gave the company a sector outperform rating in a report on Thursday, April 11th. Truist Financial raised their price objective on shares of Devon Energy from $66.00 to $69.00 and gave the stock a buy rating in a research report on Monday, April 22nd. Finally, Raymond James decreased their price objective on Devon Energy from $53.00 to $52.00 and set an outperform rating on the stock in a report on Wednesday, January 24th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $58.44.

Devon Energy Stock Up 0.4 %

Shares of NYSE:DVN traded up $0.20 during midday trading on Thursday, reaching $50.54. The company had a trading volume of 8,953,763 shares, compared to its average volume of 7,073,719. Devon Energy has a 1-year low of $40.47 and a 1-year high of $55.09. The stock has a market cap of $32.09 billion, a PE ratio of 9.65 and a beta of 2.16. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The business’s 50 day moving average price is $49.62 and its 200 day moving average price is $46.28.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.06. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business’s quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.46 EPS. Research analysts forecast that Devon Energy will post 5.24 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio is presently 16.79%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Pacer Advisors Inc. boosted its position in shares of Devon Energy by 1,279.7% during the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after purchasing an additional 5,700,167 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new stake in Devon Energy in the third quarter valued at $113,793,000. Morgan Stanley increased its stake in Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after purchasing an additional 2,220,194 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Devon Energy by 3,885.4% during the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after purchasing an additional 1,652,671 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Devon Energy by 26.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after buying an additional 1,488,374 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.