Johnson Rice Cuts Devon Energy (NYSE:DVN) Price Target to $62.00

Devon Energy (NYSE:DVN) had its target price cut by Johnson Rice from $70.00 to $62.00 in a research report released on Friday,MarketScreener reports. They currently have a buy rating on the energy company’s stock.

A number of other research firms also recently issued reports on DVN. Raymond James Financial upped their target price on shares of Devon Energy from $42.00 to $44.00 and gave the company an “outperform” rating in a research report on Wednesday, December 3rd. UBS Group lifted their price target on shares of Devon Energy from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 20th. Argus upgraded shares of Devon Energy to a “strong-buy” rating in a report on Wednesday, November 26th. Mizuho reduced their price objective on shares of Devon Energy from $43.00 to $40.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Finally, Capital One Financial lowered their target price on shares of Devon Energy from $52.00 to $51.00 and set an “overweight” rating for the company in a report on Tuesday, November 11th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $44.48.

Devon Energy Stock Down 0.6%

Shares of DVN opened at $37.49 on Friday. The business’s fifty day moving average price is $34.38 and its two-hundred day moving average price is $33.85. The firm has a market capitalization of $23.52 billion, a price-to-earnings ratio of 8.82, a PEG ratio of 2.89 and a beta of 0.62. Devon Energy has a 52 week low of $25.89 and a 52 week high of $38.88. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.87 and a current ratio of 0.96.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. The company had revenue of $0.00 million during the quarter, compared to the consensus estimate of $4.10 billion. Devon Energy had a return on equity of 18.14% and a net margin of 15.56%.During the same quarter in the previous year, the company posted $1.10 earnings per share. On average, analysts predict that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be issued a $0.24 dividend. The ex-dividend date is Monday, December 15th. This represents a $0.96 annualized dividend and a yield of 2.6%. Devon Energy’s dividend payout ratio (DPR) is 22.59%.

Institutional Trading of Devon Energy

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Devon Energy by 2.6% during the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock worth $3,096,000,000 after acquiring an additional 2,098,568 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Devon Energy by 1.2% during the second quarter. Geode Capital Management LLC now owns 18,595,683 shares of the energy company’s stock worth $589,399,000 after purchasing an additional 218,034 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Devon Energy by 5.0% during the 3rd quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock valued at $415,319,000 after purchasing an additional 560,652 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Devon Energy by 6.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company’s stock valued at $327,938,000 after purchasing an additional 552,068 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in shares of Devon Energy by 29.3% in the 3rd quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company’s stock valued at $288,306,000 after purchasing an additional 1,862,720 shares during the period. 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.