Citigroup Cuts Devon Energy (NYSE:DVN) Price Target to $48.00

Devon Energy (NYSE:DVN) had its price target trimmed by Citigroup from $55.00 to $48.00 in a report released on Tuesday,Benzinga reports. The firm currently has a buy rating on the energy company’s stock.

Other equities analysts have also issued reports about the company. Scotiabank reduced their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Mizuho decreased their price target on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. Susquehanna cut their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Jefferies Financial Group started coverage on shares of Devon Energy in a report on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price on the stock. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Hold” and a consensus price target of $51.15.

Devon Energy Trading Up 0.3 %

Shares of Devon Energy stock opened at $37.84 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy has a 1 year low of $37.28 and a 1 year high of $55.09. The firm has a market cap of $24.86 billion, a PE ratio of 7.02, a PEG ratio of 1.21 and a beta of 2.03. The company has a 50 day simple moving average of $39.80 and a two-hundred day simple moving average of $43.69.

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. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.65 EPS. Analysts expect that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.33%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently modified their holdings of the stock. William B. Walkup & Associates Inc. purchased a new stake in Devon Energy in the second quarter worth about $1,026,000. CIBC Asset Management Inc lifted its stake 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 purchasing an additional 6,358 shares during the period. Smead Capital Management Inc. boosted its position in shares of 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 valued at $230,007,000 after purchasing an additional 198,193 shares in the last quarter. Nations Financial Group Inc. IA ADV bought a new stake in shares of Devon Energy during the third quarter valued at approximately $592,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new stake in Devon Energy in the second quarter worth $711,000. 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.