Devon Energy (NYSE:DVN) Price Target Raised to $36.00

Devon Energy (NYSE:DVN) had its price objective hoisted by Jefferies Financial Group from $33.00 to $36.00 in a research report released on Tuesday,MarketScreener reports. Jefferies Financial Group currently has a hold rating on the energy company’s stock.

Other analysts also recently issued reports about the company. Wells Fargo & Company decreased their target price on Devon Energy from $43.00 to $37.00 and set an “overweight” rating for the company in a research report on Friday, October 17th. Piper Sandler cut their price target on Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, November 18th. Barclays lifted their price objective on Devon Energy from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Wednesday. Morgan Stanley upped their price objective on shares of Devon Energy from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, December 11th. Finally, Wolfe Research cut their target price on shares of Devon Energy from $53.00 to $48.00 and set an “outperform” rating for the company in a research report on Monday, January 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $44.38.

Devon Energy Stock Up 0.6%

DVN opened at $37.97 on Tuesday. Devon Energy has a twelve month low of $25.89 and a twelve month high of $38.88. The company’s 50-day moving average price is $36.52 and its two-hundred day moving average price is $34.77. The stock has a market cap of $23.82 billion, a price-to-earnings ratio of 8.93, a PEG ratio of 3.42 and a beta of 0.60. The company has a quick ratio of 0.87, a current ratio of 0.96 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.11. The company had revenue of $0.00 million during 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 quarter last year, the business posted $1.10 EPS. As a group, equities analysts expect that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Monday, December 15th. Devon Energy’s payout ratio is presently 22.59%.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of the company. Opal Wealth Advisors LLC purchased a new position in Devon Energy during the second quarter valued at approximately $25,000. Caldwell Trust Co purchased a new stake in Devon Energy in the 2nd quarter worth approximately $25,000. PFS Partners LLC bought a new position in Devon Energy in the 3rd quarter valued at $25,000. First Horizon Corp bought a new position in Devon Energy in the 3rd quarter valued at $26,000. Finally, Accredited Wealth Management LLC grew its position in shares of Devon Energy by 61.6% during the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after purchasing an additional 308 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.