Truist Financial Lowers Devon Energy (NYSE:DVN) Price Target to $42.00

Devon Energy (NYSE:DVN) had its price target reduced by Truist Financial from $43.00 to $42.00 in a report released on Monday,Benzinga reports. They currently have a hold rating on the energy company’s stock.

Other equities analysts have also recently issued reports about the company. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research report on Friday, January 3rd. Piper Sandler reduced their target price on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a report on Friday. Finally, Raymond James reduced their price objective on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Eleven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $49.43.

Devon Energy Trading Up 2.4 %

Shares of NYSE:DVN opened at $36.84 on Monday. The stock’s 50-day simple moving average is $35.58 and its two-hundred day simple moving average is $40.49. The stock has a market capitalization of $24.20 billion, a price-to-earnings ratio of 6.83, a PEG ratio of 1.07 and a beta of 2.00. Devon Energy has a 52-week low of $30.39 and a 52-week high of $55.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the firm posted $1.65 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. Analysts expect that Devon Energy will post 4.79 EPS for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.39%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently modified their holdings of the stock. FNY Investment Advisers LLC raised its holdings in Devon Energy by 738.5% during the 4th quarter. FNY Investment Advisers LLC now owns 6,700 shares of the energy company’s stock valued at $219,000 after buying an additional 5,901 shares during the period. Kwmg LLC boosted its stake in Devon Energy by 14.7% during the fourth quarter. Kwmg LLC now owns 126,619 shares of the energy company’s stock worth $4,144,000 after buying an additional 16,180 shares during the period. Kieckhefer Group LLC purchased a new stake in shares of Devon Energy in the fourth quarter valued at $801,000. Czech National Bank raised its stake in shares of Devon Energy by 11.7% in the fourth quarter. Czech National Bank now owns 142,429 shares of the energy company’s stock valued at $4,662,000 after acquiring an additional 14,866 shares during the period. Finally, Sugarloaf Wealth Management LLC lifted its holdings in shares of Devon Energy by 159.0% in the 4th quarter. Sugarloaf Wealth Management LLC now owns 15,717 shares of the energy company’s stock worth $514,000 after acquiring an additional 9,648 shares during the last quarter. 69.72% of the stock is owned by 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.