Devon Energy (NYSE:DVN) Price Target Lowered to $43.00 at Wells Fargo & Company

Devon Energy (NYSE:DVN) had its price target reduced by Wells Fargo & Company from $49.00 to $43.00 in a research note published on Tuesday,Benzinga reports. They currently have an overweight rating on the energy company’s stock.

Several other research analysts have also recently issued reports on DVN. Scotiabank cut their target price on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Mizuho lowered their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a research note on Tuesday, September 3rd. Barclays lowered their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Finally, Morgan Stanley dropped their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Devon Energy currently has a consensus rating of “Hold” and a consensus price target of $50.05.

Devon Energy Trading Down 1.9 %

NYSE DVN opened at $30.52 on Tuesday. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The stock’s 50-day simple moving average is $37.89 and its two-hundred day simple moving average is $42.16. Devon Energy has a twelve month low of $30.49 and a twelve month high of $55.09. The company has a market capitalization of $20.05 billion, a price-to-earnings ratio of 5.66, a PEG ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the company earned $1.65 EPS. The firm’s revenue was up 4.9% compared to the same quarter last year. Research analysts forecast that Devon Energy will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of DVN. Independent Solutions Wealth Management LLC increased its position in shares of Devon Energy by 38.0% during the 3rd quarter. Independent Solutions Wealth Management LLC now owns 13,781 shares of the energy company’s stock valued at $539,000 after purchasing an additional 3,797 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Devon Energy by 1.0% during the third quarter. Principal Financial Group Inc. now owns 731,978 shares of the energy company’s stock valued at $28,635,000 after buying an additional 7,487 shares during the last quarter. IMS Capital Management raised its position in Devon Energy by 49.3% in the third quarter. IMS Capital Management now owns 18,660 shares of the energy company’s stock worth $730,000 after acquiring an additional 6,165 shares during the period. Franklin Resources Inc. boosted its stake in shares of Devon Energy by 90.1% during the 3rd quarter. Franklin Resources Inc. now owns 1,363,090 shares of the energy company’s stock worth $58,435,000 after acquiring an additional 646,045 shares during the last quarter. Finally, Peapack Gladstone Financial Corp grew its position in shares of Devon Energy by 13.1% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 137,427 shares of the energy company’s stock valued at $5,377,000 after acquiring an additional 15,929 shares during the period. 69.72% of the stock is 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.