Piper Sandler Cuts Devon Energy (NYSE:DVN) Price Target to $56.00

Devon Energy (NYSE:DVN) had its target price cut by Piper Sandler from $57.00 to $56.00 in a report issued on Tuesday morning, Benzinga reports. They currently have an overweight rating on the energy company’s stock.

A number of other equities analysts have also recently commented on DVN. Wells Fargo & Company cut their price target on shares of Devon Energy from $55.00 to $50.00 and set an overweight rating for the company in a research note on Tuesday, October 1st. Royal Bank of Canada reiterated a sector perform rating and issued a $57.00 target price on shares of Devon Energy in a research report on Tuesday, September 3rd. Evercore ISI lowered their price target on Devon Energy from $55.00 to $50.00 and set an in-line rating on the stock in a research report on Monday, September 30th. Morgan Stanley cut their price objective on Devon Energy from $55.00 to $51.00 and set an overweight rating for the company in a report on Monday, September 16th. Finally, Mizuho reduced their price objective on Devon Energy from $53.00 to $51.00 and set an outperform rating on the stock in a research report on Wednesday, October 9th. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $52.58.

Devon Energy Price Performance

NYSE:DVN opened at $41.21 on Tuesday. Devon Energy has a 52-week low of $37.76 and a 52-week high of $55.09. The stock has a fifty day moving average of $42.38 and a 200 day moving average of $46.47. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The firm has a market capitalization of $26.04 billion, a price-to-earnings ratio of 7.86, a P/E/G ratio of 1.27 and a beta of 2.02.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The firm had revenue of $3.92 billion during 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% on a year-over-year basis. During the same quarter last year, the company posted $1.18 EPS. On average, research analysts expect that Devon Energy will post 5.01 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $0.22 per share. The ex-dividend date was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.14%. Devon Energy’s dividend payout ratio is currently 16.79%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Arkfeld Wealth Strategies L.L.C. lifted its holdings in Devon Energy by 17.0% in the 3rd quarter. Arkfeld Wealth Strategies L.L.C. now owns 41,966 shares of the energy company’s stock worth $1,780,000 after buying an additional 6,099 shares during the period. Cliftonlarsonallen Wealth Advisors LLC lifted its stake in Devon Energy by 0.3% in the third quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 97,974 shares of the energy company’s stock worth $3,833,000 after acquiring an additional 323 shares during the period. Creative Planning lifted its stake in Devon Energy by 33.6% in the third quarter. Creative Planning now owns 132,206 shares of the energy company’s stock worth $5,172,000 after acquiring an additional 33,249 shares during the period. Adamsbrown Wealth Consultants LLC boosted its holdings in Devon Energy by 12.0% in the third quarter. Adamsbrown Wealth Consultants LLC now owns 9,885 shares of the energy company’s stock valued at $387,000 after acquiring an additional 1,056 shares in the last quarter. Finally, Oliver Luxxe Assets LLC increased its position in Devon Energy by 2.5% during the 3rd quarter. Oliver Luxxe Assets LLC now owns 116,487 shares of the energy company’s stock valued at $4,557,000 after purchasing an additional 2,847 shares during the period. Hedge funds and other 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.