BMO Capital Markets Cuts Devon Energy (NYSE:DVN) Price Target to $48.00

Devon Energy (NYSE:DVN) had its price objective decreased by BMO Capital Markets from $50.00 to $48.00 in a research note released on Monday morning,MarketScreener reports. BMO Capital Markets currently has an outperform rating on the energy company’s stock.

A number of other analysts also recently commented on DVN. Weiss Ratings reissued a “sell (d+)” rating on shares of Devon Energy in a report on Monday, December 8th. Wells Fargo & Company decreased their price target on Devon Energy from $43.00 to $37.00 and set an “overweight” rating on the stock in a research note on Friday, October 17th. UBS Group upgraded Devon Energy from a “neutral” rating to a “buy” rating and upped their price target for the stock from $40.00 to $46.00 in a report on Friday, December 12th. Scotiabank reaffirmed an “outperform” rating on shares of Devon Energy in a report on Thursday, October 9th. Finally, Evercore ISI boosted their target price on Devon Energy from $34.00 to $37.00 and gave the stock an “in-line” rating in a research report on Monday, October 6th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $44.86.

Devon Energy Trading Up 5.2%

NYSE:DVN opened at $36.92 on Monday. Devon Energy has a 1 year low of $25.89 and a 1 year 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. The stock has a fifty day moving average price of $34.72 and a two-hundred day moving average price of $34.17. The stock has a market capitalization of $23.16 billion, a price-to-earnings ratio of 8.69, a PEG ratio of 2.66 and a beta of 0.62.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, November 5th. The energy company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.93 by $0.11. The company had revenue of $0.00 million for the quarter, compared to analyst estimates of $4.10 billion. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. During the same period in the previous year, the firm earned $1.10 EPS. As a group, sell-side analysts anticipate that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend 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 presently 22.59%.

Institutional Trading of Devon Energy

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its holdings in Devon Energy by 1.2% in the 2nd quarter. Geode Capital Management LLC now owns 18,595,683 shares of the energy company’s stock valued at $589,399,000 after purchasing an additional 218,034 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Devon Energy by 5.0% during the third quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock valued at $415,319,000 after buying an additional 560,652 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Devon Energy by 6.3% during the third quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company’s stock valued at $327,938,000 after buying an additional 552,068 shares during the period. AQR Capital Management LLC boosted its position in Devon Energy by 29.3% during the third quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company’s stock worth $288,306,000 after acquiring an additional 1,862,720 shares during the last quarter. Finally, Northern Trust Corp grew its stake in Devon Energy by 5.1% in the 1st quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company’s stock worth $245,987,000 after acquiring an additional 316,460 shares during the period. 69.72% of the stock is currently 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.