Devon Energy (NYSE:DVN) Price Target Raised to $54.00 at Raymond James

Devon Energy (NYSE:DVN) had its price target upped by Raymond James from $53.00 to $54.00 in a research report report published on Thursday morning,Benzinga reports. They currently have an outperform rating on the energy company’s stock.

DVN has been the subject of several other reports. Barclays reduced their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Susquehanna decreased their target price on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Wells Fargo & Company cut their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Benchmark upgraded shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a report on Tuesday, January 14th. Finally, Citigroup cut their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average price target of $49.41.

Devon Energy Stock Performance

DVN stock opened at $36.43 on Thursday. The firm has a 50 day simple moving average of $35.31 and a 200 day simple moving average of $40.02. Devon Energy has a 52 week low of $30.39 and a 52 week high of $55.09. The stock has a market cap of $23.93 billion, a P/E ratio of 6.76, a P/E/G ratio of 1.22 and a beta of 2.00. 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 results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the company posted $1.65 EPS. Devon Energy’s revenue was up 4.9% on a year-over-year basis. Research analysts anticipate that Devon Energy will post 4.68 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Trading of Devon Energy

A number of hedge funds have recently modified their holdings of the company. William B. Walkup & Associates Inc. acquired a new position in shares of Devon Energy in the second quarter valued at $1,026,000. Bridgewater Associates LP bought a new position in shares of Devon Energy during the 3rd quarter worth about $9,426,000. Legacy Investment Solutions LLC acquired a new stake in shares of Devon Energy during the 3rd quarter valued at about $8,002,000. Petrus Trust Company LTA increased its stake in Devon Energy by 394.7% in the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after acquiring an additional 17,415 shares during the period. Finally, CIBC Asset Management Inc lifted its stake in Devon Energy by 6.3% during the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after purchasing an additional 6,358 shares during the period. Institutional investors own 69.72% of the company’s stock.

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.