Truist Financial Trims Devon Energy (NYSE:DVN) Target Price to $64.00

Devon Energy (NYSE:DVN) had its price target cut by Truist Financial from $67.00 to $64.00 in a report released on Tuesday, Benzinga reports. They currently have a buy rating on the energy company’s stock.

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. boosted their target price on Devon Energy from $62.00 to $64.00 and gave the company an overweight rating in a research report on Monday. Mizuho boosted their price objective on Devon Energy from $57.00 to $61.00 and gave the company a buy rating in a report on Monday, May 13th. Citigroup increased their target price on Devon Energy from $55.00 to $62.00 and gave the stock a buy rating in a research note on Thursday, April 11th. Stifel Nicolaus lifted their target price on Devon Energy from $65.00 to $66.00 and gave the stock a buy rating in a research report on Tuesday, April 23rd. Finally, UBS Group raised their price target on shares of Devon Energy from $48.00 to $57.00 and gave the stock a neutral rating in a research note on Wednesday, April 10th. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Devon Energy has a consensus rating of Moderate Buy and an average price target of $60.00.

Devon Energy Stock Performance

NYSE DVN opened at $46.42 on Tuesday. The business’s 50 day moving average price is $47.86 and its 200-day moving average price is $47.01. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The company has a market cap of $29.34 billion, a P/E ratio of 8.86, a P/E/G ratio of 1.23 and a beta of 2.07. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business’s revenue was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.46 earnings per share. Sell-side analysts predict that Devon Energy will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s dividend payout ratio is currently 16.79%.

Insider Transactions at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Salem Investment Counselors Inc. increased its holdings in shares of Devon Energy by 31.4% during the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after acquiring an additional 199 shares in the last quarter. Retirement Group LLC increased its stake in Devon Energy by 21.8% during the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after purchasing an additional 199 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Devon Energy by 7.4% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock worth $153,000 after buying an additional 209 shares during the last quarter. MCF Advisors LLC lifted its stake in shares of Devon Energy by 5.6% during the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after buying an additional 215 shares during the period. Finally, Versant Capital Management Inc grew its holdings in shares of Devon Energy by 30.4% during the second quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock valued at $46,000 after buying an additional 226 shares during the last quarter. 69.72% of the stock is currently 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.