Devon Energy (NYSE:DVN) Given New $44.00 Price Target at Truist Financial

Devon Energy (NYSE:DVN) had its target price upped by Truist Financial from $42.00 to $44.00 in a report issued on Thursday morning,Benzinga reports. Truist Financial currently has a hold rating on the energy company’s stock.

A number of other research firms have also recently weighed in on DVN. Citigroup lowered their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Raymond James boosted their price objective on Devon Energy from $53.00 to $54.00 and gave the company an “outperform” rating in a research report on Thursday, January 23rd. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research report on Friday, January 3rd. Benchmark reissued a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a report on Thursday. Finally, JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research note on Thursday, December 5th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $48.83.

Devon Energy Stock Performance

DVN opened at $38.60 on Thursday. The company’s 50 day moving average is $34.40 and its 200 day moving average is $38.40. The company has a market cap of $25.35 billion, a price-to-earnings ratio of 8.46, a PEG ratio of 1.09 and a beta of 1.98. Devon Energy has a 12-month low of $30.39 and a 12-month high of $55.09. 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 quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The firm had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a return on equity of 23.17% and a net margin of 18.14%. On average, equities research analysts predict that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 annualized dividend and a yield of 2.49%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio (DPR) is currently 19.30%.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of DVN. Hurley Capital LLC purchased a new stake in shares of Devon Energy in the fourth quarter valued at $26,000. Accredited Wealth Management LLC bought a new position in shares of Devon Energy in the 4th quarter worth $28,000. Capital Performance Advisors LLP purchased a new stake in shares of Devon Energy during the third quarter valued at about $35,000. True Wealth Design LLC lifted its position in Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after acquiring an additional 1,089 shares during the last quarter. Finally, Cromwell Holdings LLC lifted its holdings in shares of Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after purchasing an additional 598 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.