Devon Energy (NYSE:DVN) PT Lowered to $64.00

Devon Energy (NYSE:DVN) had its price target trimmed by Truist Financial from $67.00 to $64.00 in a report published on Tuesday, Benzinga reports. The firm currently has a buy rating on the energy company’s stock.

Several other equities research analysts also recently weighed in on the company. Susquehanna upped their price target on Devon Energy from $52.00 to $65.00 and gave the stock a positive rating in a report on Monday, April 22nd. JPMorgan Chase & Co. upped their target price on shares of Devon Energy from $62.00 to $64.00 and gave the stock an overweight rating in a research note on Monday. Barclays began coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They issued an equal weight rating and a $59.00 price target for the company. Morgan Stanley raised their price objective on shares of Devon Energy from $52.00 to $54.00 and gave the company an overweight rating in a report on Tuesday. Finally, StockNews.com upgraded shares of Devon Energy from a hold rating to a buy rating in a research note on Tuesday. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $60.00.

Devon Energy Price Performance

DVN stock opened at $46.42 on Tuesday. The business’s fifty day moving average price is $47.86 and its 200 day moving average price is $47.01. Devon Energy has a 12-month low of $40.47 and a 12-month high of $55.09. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $29.34 billion, a PE ratio of 8.86, a P/E/G ratio of 1.23 and a beta of 2.07.

Devon Energy (NYSE:DVN) last announced its 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 the consensus estimate of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.46 EPS. On average, sell-side analysts anticipate that Devon Energy will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.22 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.90%. Devon Energy’s payout ratio is 16.79%.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.73% of the stock is owned by insiders.

Hedge Funds Weigh In On Devon Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Salem Investment Counselors Inc. raised its stake in shares of Devon Energy by 31.4% during the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after purchasing an additional 199 shares during the last quarter. Retirement Group LLC raised its position in Devon Energy by 21.8% during the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock worth $56,000 after buying an additional 199 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Devon Energy by 7.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock worth $153,000 after acquiring an additional 209 shares during the period. MCF Advisors LLC boosted its holdings in shares of Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after acquiring an additional 215 shares in the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of Devon Energy by 30.4% during the second quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock worth $46,000 after acquiring an additional 226 shares during the period. Hedge funds and other institutional investors 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.