Piper Sandler Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price objective lifted by Piper Sandler from $56.00 to $57.00 in a report published on Monday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the energy company’s stock.

Several other analysts also recently issued reports on the company. JPMorgan Chase & Co. reduced their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. UBS Group reduced their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. 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. Barclays decreased their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Finally, Raymond James cut their price objective on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $51.85.

Devon Energy Price Performance

Shares of NYSE DVN opened at $38.77 on Monday. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The company’s 50-day moving average price is $39.94 and its 200 day moving average price is $44.08. Devon Energy has a 52 week low of $37.76 and a 52 week high of $55.09. The stock has a market cap of $25.47 billion, a price-to-earnings ratio of 7.19, a PEG ratio of 1.20 and a beta of 2.03.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $3.72 billion. During the same quarter in the prior year, the firm earned $1.65 earnings per share. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, research analysts forecast that Devon Energy will post 4.81 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $0.22 dividend. 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 2.27%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Triad Wealth Partners LLC acquired a new stake in shares of Devon Energy during the 2nd quarter valued at approximately $27,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Devon Energy during the second quarter worth $34,000. Capital Performance Advisors LLP bought a new position in shares of Devon Energy in the 3rd quarter worth about $35,000. PSI Advisors LLC boosted its holdings in shares of Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after buying an additional 300 shares during the period. Finally, LRI Investments LLC bought a new stake in shares of Devon Energy during the 1st quarter valued at about $39,000. Institutional investors own 69.72% of the company’s stock.

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.