Devon Energy (NYSE:DVN) Given New $63.00 Price Target at Susquehanna

Devon Energy (NYSE:DVN) had its price target reduced by Susquehanna from $65.00 to $63.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a positive rating on the energy company’s stock.

A number of other research firms have also issued reports on DVN. Wells Fargo & Company reduced their target price on shares of Devon Energy from $57.00 to $55.00 and set an overweight rating on the stock in a report on Wednesday, August 14th. Truist Financial reduced their price objective on shares of Devon Energy from $67.00 to $64.00 and set a buy rating on the stock in a research note on Tuesday, July 9th. Royal Bank of Canada restated a sector perform rating and set a $57.00 target price on shares of Devon Energy in a research report on Tuesday. Piper Sandler cut their price target on Devon Energy from $65.00 to $57.00 and set an overweight rating for the company in a report on Thursday, August 15th. Finally, StockNews.com cut Devon Energy from a buy rating to a hold rating in a report on Monday. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $58.63.

Devon Energy Trading Down 1.8 %

Shares of Devon Energy stock opened at $42.24 on Wednesday. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The business has a 50 day moving average price of $45.61 and a 200 day moving average price of $47.59. The company has a market capitalization of $26.45 billion, a P/E ratio of 8.06, a P/E/G ratio of 1.26 and a beta of 2.07.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter last year, the business posted $1.18 earnings per share. Devon Energy’s revenue was up 13.4% compared to the same quarter last year. Sell-side analysts anticipate that Devon Energy will post 5.37 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.08%. Devon Energy’s payout ratio is 16.79%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after buying an additional 2,559,039 shares in the last quarter. Pacer Advisors Inc. grew its position in Devon Energy by 16.8% in the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after acquiring an additional 1,428,776 shares in the last quarter. Raymond James & Associates raised its stake in shares of Devon Energy by 1.5% during the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock valued at $435,311,000 after purchasing an additional 138,919 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Devon Energy by 16.7% during the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after purchasing an additional 1,255,543 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in shares of Devon Energy by 15.9% in the second quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock valued at $241,456,000 after purchasing an additional 699,743 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.