Devon Energy (NYSE:DVN) PT Lowered to $48.00 at Scotiabank

Devon Energy (NYSE:DVN) had its price target lowered by Scotiabank from $60.00 to $48.00 in a research note released on Thursday, Benzinga reports. The firm currently has a sector outperform rating on the energy company’s stock.

Several other analysts have also recently weighed in on DVN. JPMorgan Chase & Co. lowered their price target on Devon Energy from $64.00 to $51.00 and set an overweight rating on the stock in a report on Thursday, September 12th. Sanford C. Bernstein lowered their price target on Devon Energy from $48.00 to $43.00 and set a market perform rating on the stock in a report on Wednesday, July 17th. Barclays lowered their price target on Devon Energy from $55.00 to $46.00 and set an equal weight rating on the stock in a report on Thursday, October 3rd. Wells Fargo & Company lowered their price target on Devon Energy from $55.00 to $50.00 and set an overweight rating on the stock in a report on Tuesday, October 1st. Finally, BMO Capital Markets lowered their price target on Devon Energy from $52.00 to $48.00 and set an outperform rating on the stock in a report on Friday, October 4th. Eight investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $52.63.

Devon Energy Stock Performance

Shares of DVN opened at $42.96 on Thursday. The stock’s 50-day simple moving average is $42.37 and its 200 day simple moving average is $46.60. The stock has a market capitalization of $26.90 billion, a price-to-earnings ratio of 7.80, a price-to-earnings-growth ratio of 1.27 and a beta of 2.02. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy has a 52-week low of $37.76 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion for 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 firm’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.18 EPS. Research analysts forecast that Devon Energy will post 5.01 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a $0.22 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.05%. Devon Energy’s dividend payout ratio is currently 15.97%.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently made changes to their positions in DVN. Triad Wealth Partners LLC bought a new stake in shares of Devon Energy in the 2nd quarter worth approximately $27,000. Tradewinds Capital Management LLC bought a new stake in shares of Devon Energy in the 1st quarter worth approximately $30,000. 1620 Investment Advisors Inc. purchased a new position in shares of Devon Energy in the 2nd quarter valued at approximately $34,000. PSI Advisors LLC lifted its stake in shares of Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after purchasing an additional 300 shares during the period. Finally, LRI Investments LLC purchased a new position in shares of Devon Energy in the 1st quarter valued at approximately $39,000. 69.72% of the stock is currently owned by institutional investors.

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.