TD Cowen Lowers Devon Energy (NYSE:DVN) Price Target to $46.00

Devon Energy (NYSE:DVN) had its target price decreased by TD Cowen from $54.00 to $46.00 in a research report report published on Tuesday morning. TD Cowen currently has a hold rating on the energy company’s stock.

DVN has been the subject of a number of other research reports. Mizuho dropped their price target on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Morgan Stanley lowered their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. BMO Capital Markets lowered their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Susquehanna lowered their price objective on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Finally, Piper Sandler lowered their price objective on Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.80.

Devon Energy Stock Performance

Shares of DVN stock opened at $38.87 on Tuesday. The stock has a fifty day moving average of $40.48 and a 200 day moving average of $44.89. Devon Energy has a 52 week low of $37.76 and a 52 week high of $55.09. The firm has a market capitalization of $24.34 billion, a price-to-earnings ratio of 7.05, a PEG ratio of 1.20 and a beta of 2.03. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last announced its quarterly 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 return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the firm posted $1.65 earnings per share. The firm’s revenue was up 4.9% on a year-over-year basis. As a group, research analysts expect that Devon Energy will post 4.93 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.26%. Devon Energy’s dividend payout ratio is currently 15.97%.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently made changes to their positions in DVN. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Devon Energy by 68.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 173,601 shares of the energy company’s stock valued at $8,514,000 after purchasing an additional 70,354 shares during the period. Financial Counselors Inc. grew its stake in shares of Devon Energy by 15.4% during the 1st quarter. Financial Counselors Inc. now owns 6,960 shares of the energy company’s stock valued at $349,000 after purchasing an additional 929 shares during the period. Whittier Trust Co. grew its stake in shares of Devon Energy by 23.1% during the 1st quarter. Whittier Trust Co. now owns 1,600 shares of the energy company’s stock valued at $80,000 after purchasing an additional 300 shares during the period. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Devon Energy by 7.4% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after purchasing an additional 209 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S grew its stake in shares of Devon Energy by 108.3% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 21,318 shares of the energy company’s stock valued at $1,070,000 after acquiring an additional 11,083 shares during the period. 69.72% of the stock is currently owned by institutional investors.

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.