Mizuho Cuts Devon Energy (NYSE:DVN) Price Target to $47.00

Devon Energy (NYSE:DVN) had its price objective reduced by Mizuho from $51.00 to $47.00 in a report released on Monday,Benzinga reports. They currently have an outperform rating on the energy company’s stock.

A number of other brokerages also recently issued reports on DVN. Susquehanna reduced their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a report on Friday, October 18th. Scotiabank cut their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. Benchmark reissued a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Finally, Piper Sandler increased their price objective on Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $50.05.

Devon Energy Stock Down 3.3 %

Shares of DVN stock opened at $31.10 on Monday. The company’s fifty day simple moving average is $38.14 and its two-hundred day simple moving average is $42.24. Devon Energy has a 52 week low of $31.07 and a 52 week high of $55.09. The stock has a market cap of $20.43 billion, a P/E ratio of 5.77, a PEG ratio of 1.10 and a beta of 1.99. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the business posted $1.65 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. Analysts predict that Devon Energy will post 4.79 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.83%. The ex-dividend date is Friday, December 13th. Devon Energy’s payout ratio is 16.33%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DVN. IMS Capital Management grew its holdings in Devon Energy by 49.3% in the 3rd quarter. IMS Capital Management now owns 18,660 shares of the energy company’s stock valued at $730,000 after buying an additional 6,165 shares in the last quarter. Franklin Resources Inc. raised its stake in Devon Energy by 90.1% in the 3rd quarter. Franklin Resources Inc. now owns 1,363,090 shares of the energy company’s stock worth $58,435,000 after purchasing an additional 646,045 shares in the last quarter. Peapack Gladstone Financial Corp boosted its holdings in Devon Energy by 13.1% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 137,427 shares of the energy company’s stock valued at $5,377,000 after purchasing an additional 15,929 shares during the period. Synovus Financial Corp grew its position in shares of Devon Energy by 67.1% during the 3rd quarter. Synovus Financial Corp now owns 38,097 shares of the energy company’s stock worth $1,490,000 after purchasing an additional 15,294 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Devon Energy during the third quarter worth approximately $1,576,000. 69.72% of the stock is owned by institutional investors and hedge funds.

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.