Devon Energy (NYSE:DVN) Given New $63.00 Price Target at Susquehanna

Devon Energy (NYSE:DVN) had its price objective trimmed by Susquehanna from $65.00 to $63.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a positive rating on the energy company’s stock.

Other equities analysts also recently issued research reports about the company. Mizuho boosted their target price on Devon Energy from $57.00 to $61.00 and gave the company a buy rating in a research report on Monday, May 13th. Morgan Stanley boosted their target price on Devon Energy from $52.00 to $54.00 and gave the company an overweight rating in a research report on Tuesday, July 9th. Sanford C. Bernstein cut their price objective on Devon Energy from $48.00 to $43.00 and set a market perform rating on the stock in a research report on Wednesday, July 17th. JPMorgan Chase & Co. upped their price objective on Devon Energy from $62.00 to $64.00 and gave the company an overweight rating in a research report on Monday, July 8th. Finally, Wolfe Research assumed coverage on Devon Energy in a research report on Thursday, July 18th. They issued a peer perform rating on the stock. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $58.63.

Devon Energy Stock Down 1.8 %

Shares of DVN opened at $41.34 on Wednesday. The stock has a market capitalization of $26.13 billion, a price-to-earnings ratio of 7.89, a price-to-earnings-growth ratio of 1.26 and a beta of 2.03. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The business’s 50 day simple moving average is $45.39 and its 200-day simple moving average is $47.56. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.15. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.18 EPS. As a group, equities analysts expect that Devon Energy will post 5.37 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.13%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio is 16.79%.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC bought a new stake in Devon Energy during the second quarter valued at about $19,139,000. Gordian Capital Singapore Pte Ltd bought a new stake in Devon Energy during the second quarter valued at about $711,000. Dana Investment Advisors Inc. boosted its position in Devon Energy by 117.3% during the second quarter. Dana Investment Advisors Inc. now owns 23,329 shares of the energy company’s stock valued at $1,106,000 after purchasing an additional 12,593 shares in the last quarter. SPC Financial Inc. boosted its holdings in Devon Energy by 19.1% in the second quarter. SPC Financial Inc. now owns 13,615 shares of the energy company’s stock worth $645,000 after acquiring an additional 2,186 shares in the last quarter. Finally, IMS Capital Management boosted its holdings in Devon Energy by 3.3% in the second quarter. IMS Capital Management now owns 12,495 shares of the energy company’s stock worth $550,000 after acquiring an additional 400 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

About Devon Energy

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.