Devon Energy (NYSE:DVN) Price Target Lowered to $51.00 at Mizuho

Devon Energy (NYSE:DVN) had its price target decreased by Mizuho from $53.00 to $51.00 in a report issued on Wednesday, Benzinga reports. Mizuho currently has an outperform rating on the energy company’s stock.

A number of other research firms have also weighed in on DVN. Wells Fargo & Company reduced their target price on shares of Devon Energy from $55.00 to $50.00 and set an overweight rating on the stock in a report on Tuesday, October 1st. StockNews.com lowered shares of Devon Energy from a buy rating to a hold rating in a report on Monday, September 2nd. Royal Bank of Canada reissued a sector perform rating and set a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. Barclays reduced their target price on shares of Devon Energy from $55.00 to $46.00 and set an equal weight rating on the stock in a report on Thursday, October 3rd. Finally, Wolfe Research assumed coverage on shares of Devon Energy in a report on Thursday, July 18th. They set a peer perform rating on the stock. Eight investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $52.63.

Devon Energy Trading Up 0.2 %

DVN opened at $42.96 on Wednesday. The company’s 50 day moving average is $42.37 and its 200-day moving average is $46.60. Devon Energy has a 1-year low of $37.76 and a 1-year high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The company has a market cap of $26.90 billion, a P/E ratio of 7.80, a PEG ratio of 1.27 and a beta of 2.02.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same period last year, the company posted $1.18 EPS. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. Equities research analysts predict that Devon Energy will post 5.01 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.05%. Devon Energy’s payout ratio is presently 15.97%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Devon Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after buying an additional 2,559,039 shares during the last quarter. Pacer Advisors Inc. raised its holdings in Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after buying an additional 1,428,776 shares during the last quarter. Raymond James & Associates raised its holdings in Devon Energy by 1.5% during the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after buying an additional 138,919 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Devon Energy by 16.7% during the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after buying an additional 1,255,543 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its holdings in Devon Energy by 15.9% during the second quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock worth $241,456,000 after buying an additional 699,743 shares during the last quarter. 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.