Devon Energy (NYSE:DVN) Price Target Raised to $54.00

Devon Energy (NYSE:DVN) had its target price upped by Piper Sandler from $53.00 to $54.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the energy company’s stock.

DVN has been the topic of a number of other research reports. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research note on Wednesday, January 15th. Benchmark raised Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a report on Tuesday, January 14th. BMO Capital Markets decreased their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Raymond James lifted their price objective on shares of Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd. Finally, StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $49.45.

Devon Energy Stock Down 2.7 %

DVN stock opened at $34.09 on Wednesday. The business’s 50 day simple moving average is $34.89 and its 200 day simple moving average is $39.54. Devon Energy has a 1-year low of $30.39 and a 1-year high of $55.09. The firm has a market capitalization of $22.39 billion, a PE ratio of 6.32, a PEG ratio of 1.10 and a beta of 2.00. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the company posted $1.65 EPS. Devon Energy’s quarterly revenue was up 4.9% compared to the same quarter last year. As a group, research analysts anticipate that Devon Energy will post 4.68 EPS for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.58%. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

Institutional Investors Weigh In On Devon Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital Performance Advisors LLP acquired a new stake in Devon Energy in the third quarter valued at approximately $35,000. Future Financial Wealth Managment LLC bought a new position in shares of Devon Energy in the 3rd quarter valued at $39,000. Sierra Ocean LLC acquired a new stake in shares of Devon Energy during the 4th quarter valued at $43,000. True Wealth Design LLC grew its position in Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after acquiring an additional 1,089 shares during the last quarter. Finally, Hazlett Burt & Watson Inc. increased its holdings in Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares in the last quarter. 69.72% of the stock is owned by 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.