Devon Energy (NYSE:DVN) Stock Price Expected to Rise, Piper Sandler Analyst Says

Devon Energy (NYSE:DVN) had its price target upped by Piper Sandler from $54.00 to $55.00 in a research note published on Monday,Benzinga reports. They currently have an overweight rating on the energy company’s stock.

A number of other equities research analysts have also recently commented on DVN. Mizuho lowered their price target on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Wells Fargo & Company lowered their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a research report on Thursday, December 5th. Finally, Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research report on Friday, January 3rd. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.87.

Devon Energy Trading Down 0.6 %

NYSE DVN opened at $37.27 on Monday. The business has a 50 day simple moving average of $34.57 and a 200 day simple moving average of $38.26. The stock has a market capitalization of $24.18 billion, a P/E ratio of 8.17, a P/E/G ratio of 1.20 and a beta of 1.98. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. Devon Energy has a one year low of $30.39 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Research analysts expect that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.24 dividend. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 2.58%. Devon Energy’s dividend payout ratio (DPR) is 19.30%.

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently modified their holdings of the business. Legacy Investment Solutions LLC purchased a new stake in Devon Energy during the third quarter worth about $8,002,000. Bridgewater Associates LP purchased a new stake in Devon Energy during the 3rd quarter valued at approximately $9,426,000. Petrus Trust Company LTA grew its position in Devon Energy by 394.7% in the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after buying an additional 17,415 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in shares of Devon Energy by 6.3% in the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after buying an additional 6,358 shares during the period. Finally, Smead Capital Management Inc. boosted its holdings in Devon Energy by 3.5% during the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after buying an additional 198,193 shares in the last quarter. 69.72% of the stock is 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.