Piper Sandler Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price target hoisted by Piper Sandler from $53.00 to $54.00 in a report released on Wednesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the energy company’s stock.

DVN has been the topic of several other reports. Benchmark upgraded Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a report on Tuesday, January 14th. Barclays dropped their price objective on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a report on Friday, January 3rd. Royal Bank of Canada restated a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a report on Friday, January 10th. Finally, Citigroup dropped their price objective 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 assigned a buy rating to the company. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.45.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $35.05 on Wednesday. The company has a market cap of $23.02 billion, a P/E ratio of 6.50, a PEG ratio of 1.21 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 has a one year low of $30.39 and a one year high of $55.09. The business’s 50-day simple moving average is $35.07 and its 200 day simple moving average is $39.67.

Devon Energy (NYSE:DVN) last announced its 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. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company’s revenue was up 4.9% on a year-over-year basis. During the same period last year, the business posted $1.65 EPS. On average, sell-side analysts forecast that Devon Energy will post 4.7 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared 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 was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.51%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Trading of Devon Energy

Several institutional investors have recently modified their holdings of DVN. Capital Performance Advisors LLP acquired a new stake in shares of Devon Energy in the third quarter valued at $35,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Devon Energy in the third quarter valued at $39,000. True Wealth Design LLC lifted its holdings in shares of Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after buying an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. lifted its holdings in shares of Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after buying an additional 290 shares during the period. Finally, Activest Wealth Management lifted its holdings in shares of Devon Energy by 60.4% in the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after buying an additional 480 shares during the period. Institutional investors and hedge funds 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.