Devon Energy (NYSE:DVN) PT Lowered to $57.00

Devon Energy (NYSE:DVN) had its target price trimmed by Piper Sandler from $65.00 to $57.00 in a research report released on Thursday, Benzinga reports. The firm currently has an overweight rating on the energy company’s stock.

DVN has been the subject of a number of other reports. StockNews.com upgraded shares of Devon Energy from a hold rating to a buy rating in a report on Thursday, August 8th. BMO Capital Markets upgraded shares of Devon Energy to a strong-buy rating in a report on Wednesday, July 3rd. Mizuho upped their price target on shares of Devon Energy from $57.00 to $61.00 and gave the company a buy rating in a report on Monday, May 13th. JPMorgan Chase & Co. upped their price target on shares of Devon Energy from $62.00 to $64.00 and gave the company an overweight rating in a report on Monday, July 8th. Finally, Royal Bank of Canada restated a sector perform rating and set a $57.00 price target on shares of Devon Energy in a report on Tuesday, July 9th. Five equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Devon Energy has a consensus rating of Moderate Buy and an average price target of $58.75.

Devon Energy Trading Down 0.8 %

Shares of NYSE:DVN opened at $45.09 on Thursday. The stock has a market capitalization of $28.50 billion, a PE ratio of 8.60, a P/E/G ratio of 0.75 and a beta of 2.07. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09. The firm has a fifty day moving average price of $46.16 and a 200 day moving average price of $47.41. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. Devon Energy’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.18 earnings per share. Analysts expect that Devon Energy will post 5.4 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 1.95%. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

Institutional Trading of Devon Energy

Several hedge funds have recently modified their holdings of DVN. Triad Wealth Partners LLC bought a new position in Devon Energy in the second quarter valued at approximately $27,000. Manchester Capital Management LLC bought a new position in Devon Energy in the fourth quarter valued at approximately $28,000. Tradewinds Capital Management LLC bought a new position in Devon Energy in the first quarter valued at approximately $30,000. Jones Financial Companies Lllp boosted its stake in Devon Energy by 104.8% in the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after acquiring an additional 374 shares during the last quarter. Finally, 1620 Investment Advisors Inc. acquired a new stake in Devon Energy in the second quarter worth $34,000. 69.72% of the stock is owned by 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.