Devon Energy (NYSE:DVN) Price Target Raised to $44.00

Devon Energy (NYSE:DVN) had its price target increased by Truist Financial from $42.00 to $44.00 in a research report report published on Thursday,Benzinga reports. Truist Financial currently has a hold rating on the energy company’s stock.

A number of other research analysts have also recently issued reports on the stock. Citigroup reduced their price objective on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Wednesday, January 15th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Friday, January 3rd. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Finally, Piper Sandler upped their price target on Devon Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.83.

Devon Energy Stock Down 2.8 %

DVN stock opened at $37.49 on Thursday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The stock’s 50 day simple moving average is $34.47 and its 200 day simple moving average is $38.35. The company has a market cap of $24.33 billion, a P/E ratio of 8.22, a price-to-earnings-growth ratio of 1.20 and a beta of 1.98.

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

Devon Energy Increases Dividend

The company also recently disclosed 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. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is 19.30%.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently bought and sold shares of the company. Hurley Capital LLC purchased a new stake in shares of Devon Energy in the fourth quarter worth $26,000. Accredited Wealth Management LLC purchased a new stake in shares of Devon Energy in the 4th quarter valued at about $28,000. Capital Performance Advisors LLP bought a new stake in shares of Devon Energy during the 3rd quarter valued at about $35,000. Cromwell Holdings LLC grew its holdings in shares of Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after purchasing an additional 598 shares in the last quarter. Finally, Sierra Ocean LLC bought a new position in shares of Devon Energy in the fourth quarter worth approximately $43,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.