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

Devon Energy (NYSE:DVN) had its price objective lowered by TD Cowen from $54.00 to $46.00 in a report issued on Tuesday morning. The firm currently has a hold rating on the energy company’s stock.

A number of other research analysts have also commented on DVN. UBS Group lowered their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Sanford C. Bernstein cut their price objective on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a report on Wednesday, July 17th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Finally, BMO Capital Markets reduced their target price on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $51.80.

Devon Energy Stock Performance

Shares of Devon Energy stock traded up $0.22 on Tuesday, reaching $39.11. 2,188,070 shares of the company were exchanged, compared to its average volume of 7,402,814. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The company’s 50-day moving average is $40.60 and its two-hundred day moving average is $44.99. The firm has a market cap of $24.49 billion, a price-to-earnings ratio of 7.06, a P/E/G ratio of 1.20 and a beta of 2.03. Devon Energy has a 1-year low of $37.76 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.65 earnings per share. As a group, research analysts expect that Devon Energy will post 4.93 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared 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 is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.25%. Devon Energy’s payout ratio is 15.97%.

Institutional Investors Weigh In On Devon Energy

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after acquiring an additional 2,559,039 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after purchasing an additional 361,968 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of Devon Energy by 16.8% in the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after purchasing an additional 1,428,776 shares in the last quarter. Raymond James & Associates grew its position in shares of Devon Energy by 1.5% in the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock valued at $435,311,000 after purchasing an additional 138,919 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position 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 in the last quarter. Institutional investors and hedge funds 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.