Susquehanna Cuts Devon Energy (NYSE:DVN) Price Target to $63.00

Devon Energy (NYSE:DVN) had its price target lowered by Susquehanna from $65.00 to $63.00 in a research report sent to investors on Wednesday, Benzinga reports. Susquehanna currently has a positive rating on the energy company’s stock.

A number of other research firms have also commented on DVN. Wells Fargo & Company decreased their price objective on Devon Energy from $57.00 to $55.00 and set an overweight rating on the stock in a research note on Wednesday, August 14th. Morgan Stanley lifted their price target on shares of Devon Energy from $52.00 to $54.00 and gave the stock an overweight rating in a report on Tuesday, July 9th. Bank of America reissued a buy rating and set a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. BMO Capital Markets raised shares of Devon Energy to a strong-buy rating in a research note on Wednesday, July 3rd. Finally, JPMorgan Chase & Co. increased their price target on Devon Energy from $62.00 to $64.00 and gave the stock an overweight rating in a research note on Monday, July 8th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy presently has an average rating of Moderate Buy and a consensus target price of $58.63.

Devon Energy Stock Performance

DVN opened at $41.33 on Wednesday. Devon Energy has a 1-year low of $40.47 and a 1-year high of $55.09. The stock has a market cap of $26.12 billion, a P/E ratio of 7.89, a P/E/G ratio of 1.26 and a beta of 2.03. The stock’s 50 day simple moving average is $45.39 and its 200 day simple moving average is $47.53. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.15. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. Devon Energy’s revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.18 earnings per share. As a group, equities analysts anticipate that Devon Energy will post 5.37 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Institutional Trading of Devon Energy

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Devon Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after purchasing an additional 2,559,039 shares in the last quarter. Pacer Advisors Inc. grew its stake in shares of Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after acquiring an additional 1,428,776 shares in the last quarter. Raymond James & Associates increased its position in shares of Devon Energy by 1.5% during the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after acquiring an additional 138,919 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Devon Energy by 16.7% in the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after acquiring an additional 1,255,543 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in Devon Energy by 15.9% in the second quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock valued at $241,456,000 after purchasing an additional 699,743 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Company Profile

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.