Devon Energy (NYSE:DVN) Given New $44.00 Price Target at Truist Financial

Devon Energy (NYSE:DVN) had its price target upped by Truist Financial from $42.00 to $44.00 in a research report released on Thursday,Benzinga reports. Truist Financial currently has a hold rating on the energy company’s stock.

Other analysts also recently issued reports about the stock. Mizuho dropped their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Benchmark reaffirmed a “buy” rating and set a $44.00 price target on shares of Devon Energy in a research note on Thursday. TD Cowen cut their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Citigroup reduced their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Finally, Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a report on Wednesday, January 15th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $48.83.

Devon Energy Price Performance

Shares of NYSE DVN opened at $38.60 on Thursday. The stock’s 50-day simple moving average is $34.40 and its two-hundred day simple moving average is $38.40. Devon Energy has a twelve month low of $30.39 and a twelve month high of $55.09. The firm has a market capitalization of $25.35 billion, a P/E ratio of 8.46, a P/E/G ratio of 1.09 and a beta of 1.98. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 23.17%. The company had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. As a group, equities analysts anticipate that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.24 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is currently 19.30%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. EnCap Energy Capital Fund XI L.P. bought a new stake in shares of Devon Energy during the third quarter valued at approximately $461,857,000. EnCap Partners GP LLC purchased a new stake in Devon Energy during the 3rd quarter valued at $408,653,000. EnCap Energy Capital Fund X L.P. bought a new stake in shares of Devon Energy in the 3rd quarter worth $230,928,000. Vanguard Group Inc. raised its stake in shares of Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after purchasing an additional 5,465,692 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Devon Energy during the fourth quarter valued at $154,170,000. 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.