Devon Energy (NYSE:DVN) PT Raised to $57.00

Devon Energy (NYSE:DVN) had its price objective increased by Mizuho from $53.00 to $57.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a buy rating on the energy company’s stock.

A number of other analysts have also weighed in on DVN. Morgan Stanley increased their price objective on Devon Energy from $49.00 to $50.00 and gave the company an overweight rating in a research note on Monday, April 15th. Piper Sandler increased their price objective on Devon Energy from $59.00 to $60.00 and gave the company an overweight rating in a research note on Friday, April 19th. Royal Bank of Canada reissued a sector perform rating and set a $55.00 price objective on shares of Devon Energy in a research note on Thursday, March 7th. Barclays started coverage on Devon Energy in a research note on Wednesday, April 10th. They set an equal weight rating and a $59.00 price objective for the company. Finally, Stifel Nicolaus upped their target price on Devon Energy from $65.00 to $66.00 and gave the company a buy rating in a report on Tuesday, April 23rd. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $58.44.

Devon Energy Stock Up 0.4 %

Shares of DVN opened at $50.54 on Thursday. The firm has a market cap of $32.09 billion, a P/E ratio of 9.65 and a beta of 2.16. The stock has a 50 day simple moving average of $49.62 and a two-hundred day simple moving average of $46.28. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.99. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. Devon Energy’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.46 earnings per share. On average, analysts forecast that Devon Energy will post 5.24 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.74%. Devon Energy’s payout ratio is presently 16.79%.

Hedge Funds Weigh In On Devon Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Devon Energy during the third quarter valued at $27,000. Manchester Capital Management LLC bought a new position in shares of Devon Energy during the fourth quarter valued at $28,000. Tradewinds Capital Management LLC bought a new position in shares of Devon Energy during the first quarter valued at $30,000. Sound Income Strategies LLC increased its holdings in shares of Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after acquiring an additional 255 shares in the last quarter. Finally, Rise Advisors LLC increased its holdings in shares of Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after acquiring an additional 669 shares in the last quarter. 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.