Devon Energy (NYSE:DVN) Price Target Cut to $61.00 by Analysts at Truist Financial

Devon Energy (NYSE:DVN) had its target price reduced by Truist Financial from $66.00 to $61.00 in a report released on Thursday morning, MarketBeat Ratings reports. Truist Financial currently has a buy rating on the energy company’s stock.

Other equities analysts have also recently issued research reports about the stock. Capital One Financial reduced their price target on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 2nd. Tudor Pickering upgraded Devon Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, April 20th. Roth Capital reissued a “buy” rating and issued a $57.00 target price on shares of Devon Energy in a research report on Tuesday, April 28th. Royal Bank Of Canada raised their target price on Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Finally, UBS Group reduced their price target on Devon Energy from $60.00 to $58.00 and set a “buy” rating on the stock in a research note on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $59.56.

Devon Energy Stock Performance

NYSE:DVN opened at $42.05 on Thursday. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The firm’s fifty day simple moving average is $45.01 and its 200 day simple moving average is $43.83. The stock has a market cap of $26.13 billion, a P/E ratio of 11.71 and a beta of 0.38. Devon Energy has a twelve month low of $31.45 and a twelve month high of $52.71.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter last year, the company posted $0.82 earnings per share. The firm’s revenue for the quarter was down 14.5% compared to the same quarter last year. As a group, research analysts predict that Devon Energy will post 4.81 EPS for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a $0.32 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.0%. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is presently 35.65%.

Insider Buying and Selling

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the sale, the executive vice president directly owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Adam M. Vela sold 24,342 shares of the firm’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the transaction, the senior vice president owned 130,540 shares of the company’s stock, valued at $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 112,371 shares of company stock worth $5,258,059 in the last 90 days. Insiders own 4.58% of the company’s stock.

Institutional Trading of Devon Energy

Institutional investors have recently bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in Devon Energy in the 4th quarter worth approximately $25,000. KERR FINANCIAL PLANNING Corp purchased a new stake in Devon Energy during the 2nd quarter valued at $29,000. GoalVest Advisory LLC purchased a new stake in Devon Energy during the 2nd quarter valued at $30,000. SouthState Bank Corp increased its holdings in shares of Devon Energy by 173.6% in the 1st quarter. SouthState Bank Corp now owns 766 shares of the energy company’s stock worth $39,000 after purchasing an additional 486 shares in the last quarter. Finally, MV Capital Management Inc. purchased a new position in shares of Devon Energy in the fourth quarter worth $29,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

More Devon Energy News

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Devon completed a settlement tied to Coterra notes, exchanging Coterra Energy senior debt for new Devon-issued notes and cash. Investors may see the move as a liability-reshaping step that supports financial flexibility and could help the company after its large Coterra deal. Devon Energy (DVN) Could Be 31% Undervalued On Its Coterra Notes Exchange
• Neutral Sentiment: Truist lowered its price target on Devon Energy to $61 from $66 but kept a buy rating, while JPMorgan cut its target to $55 from $62 and maintained overweight. The cuts signal a softer near-term view, but both firms still see upside from current levels. Analyst price target changes
• Negative Sentiment: Kimmeridge Energy Management criticized Devon’s asset-sale efforts as too slow after the company’s Coterra transaction, suggesting investors remain concerned that monetization and portfolio optimization may be taking longer than expected. Kimmeridge sees Devon Energy’s asset sale effort after Coterra deal as too slow – Bloomberg
• Negative Sentiment: Kimmeridge also faulted the pace of Devon’s divestment program, reinforcing concerns that the company may face continued shareholder pressure to move faster on asset sales. Kimmeridge Faults Pace of Devon Energy’s Asset-Sale Efforts

About Devon Energy

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.