Morgan Stanley Cuts Devon Energy (NYSE:DVN) Price Target to $51.00

Devon Energy (NYSE:DVN) had its price target lowered by Morgan Stanley from $55.00 to $51.00 in a research report released on Monday, Benzinga reports. Morgan Stanley currently has an overweight rating on the energy company’s stock.

Other analysts have also recently issued reports about the company. Susquehanna reduced their price target on Devon Energy from $65.00 to $63.00 and set a positive rating for the company in a report on Wednesday, September 4th. JPMorgan Chase & Co. reduced their price objective on Devon Energy from $64.00 to $51.00 and set an overweight rating for the company in a report on Thursday, September 12th. Wolfe Research assumed coverage on Devon Energy in a report on Thursday, July 18th. They set a peer perform rating for the company. Piper Sandler reduced their price objective on Devon Energy from $65.00 to $57.00 and set an overweight rating for the company in a report on Thursday, August 15th. Finally, StockNews.com cut Devon Energy from a buy rating to a hold rating in a report on Monday, September 2nd. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $57.63.

Devon Energy Stock Up 0.5 %

DVN opened at $39.64 on Monday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The business has a 50 day simple moving average of $44.50 and a 200-day simple moving average of $47.42. The stock has a market capitalization of $25.05 billion, a P/E ratio of 7.56, a P/E/G ratio of 1.13 and a beta of 2.03. Devon Energy has a 12 month low of $39.02 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period last year, the firm earned $1.18 EPS. On average, equities analysts anticipate that Devon Energy will post 5.36 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio is currently 16.79%.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in DVN. Vanguard Group Inc. grew its position in shares of Devon Energy by 3.5% in the first 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 during the period. Pacer Advisors Inc. boosted its holdings in 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 acquiring an additional 1,428,776 shares during the last quarter. Los Angeles Capital Management LLC boosted its holdings in Devon Energy by 7,165.6% in the second quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock valued at $65,234,000 after acquiring an additional 1,357,311 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in 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 valued at $416,779,000 after acquiring an additional 1,255,543 shares during the last quarter. Finally, National Bank of Canada FI boosted its holdings in Devon Energy by 447.6% in the second quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock valued at $56,299,000 after acquiring an additional 964,147 shares during the last quarter. Hedge funds and other institutional investors 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.