TD Cowen Cuts Devon Energy (NYSE:DVN) Price Target to $46.00

Devon Energy (NYSE:DVN) had its target price reduced by TD Cowen from $54.00 to $46.00 in a research report report published on Tuesday morning. They currently have a hold rating on the energy company’s stock.

DVN has been the subject of several other reports. Morgan Stanley dropped their price target on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Piper Sandler dropped their price target on Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a research report on Tuesday, October 15th. Sanford C. Bernstein dropped their price target on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research report on Wednesday, July 17th. Susquehanna lowered their price objective on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Finally, Scotiabank lowered their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.80.

Devon Energy Stock Performance

NYSE:DVN traded up $0.22 during trading hours on Tuesday, reaching $39.11. The company had a trading volume of 2,188,070 shares, compared to its average volume of 7,402,814. Devon Energy has a 1-year low of $37.76 and a 1-year high of $55.09. The firm has a market cap of $24.49 billion, a PE ratio of 7.06, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03. The business’s 50 day moving average price is $40.60 and its 200-day moving average price is $44.99. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. Devon Energy’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.65 earnings per share. Research analysts forecast that Devon Energy will post 4.93 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.25%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 15.97%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Triad Wealth Partners LLC purchased a new stake in Devon Energy during the second quarter worth $27,000. 1620 Investment Advisors Inc. purchased a new stake in shares of Devon Energy in the second quarter worth about $34,000. PSI Advisors LLC boosted its position in shares of Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after buying an additional 300 shares during the period. LRI Investments LLC purchased a new stake in shares of Devon Energy in the first quarter worth about $39,000. Finally, Manchester Capital Management LLC boosted its holdings in Devon Energy by 40.9% in the first quarter. Manchester Capital Management LLC now owns 861 shares of the energy company’s stock valued at $43,000 after purchasing an additional 250 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other 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.