Devon Energy (NYSE:DVN) Price Target Raised to $55.00 at Piper Sandler

Devon Energy (NYSE:DVN) had its target price upped by Piper Sandler from $54.00 to $55.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an overweight rating on the energy company’s stock.

Other research analysts have also recently issued reports about the company. JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research report on Thursday, December 5th. Citigroup lowered their price objective on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Friday, January 3rd. Finally, Truist Financial upped their target price on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research report on Thursday, February 20th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.87.

Devon Energy Trading Down 1.5 %

DVN opened at $35.36 on Monday. Devon Energy has a 12 month low of $30.39 and a 12 month high of $55.09. The stock has a market capitalization of $22.95 billion, a price-to-earnings ratio of 7.75, a PEG ratio of 1.20 and a beta of 1.98. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The business has a fifty day moving average price of $34.73 and a 200 day moving average price of $38.18.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Sell-side analysts expect that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.72%. Devon Energy’s dividend payout ratio is currently 21.05%.

Hedge Funds Weigh In On Devon Energy

Large investors have recently modified their holdings of the business. Bridgewater Associates LP purchased a new position in shares of Devon Energy during the 3rd quarter worth approximately $9,426,000. Legacy Investment Solutions LLC purchased a new position in shares of Devon Energy during the 3rd quarter worth approximately $8,002,000. Petrus Trust Company LTA raised its stake in shares of Devon Energy by 394.7% during the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after buying an additional 17,415 shares in the last quarter. CIBC Asset Management Inc raised its stake in shares of Devon Energy by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after buying an additional 6,358 shares in the last quarter. Finally, Smead Capital Management Inc. raised its stake in shares of Devon Energy by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after buying an additional 198,193 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other 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.