Devon Energy (NYSE:DVN) Price Target Raised to $49.00 at Morgan Stanley

Devon Energy (NYSE:DVNFree Report) had its target price upped by Morgan Stanley from $48.00 to $49.00 in a research report report published on Thursday morning, Benzinga reports. They currently have an overweight rating on the energy company’s stock.

A number of other analysts have also weighed in on the stock. Royal Bank of Canada reaffirmed a sector perform rating and set a $55.00 target price on shares of Devon Energy in a report on Thursday, March 7th. Piper Sandler decreased their price target on shares of Devon Energy from $61.00 to $59.00 and set an overweight rating on the stock in a report on Wednesday, January 24th. Mizuho decreased their price target on shares of Devon Energy from $54.00 to $53.00 and set a buy rating on the stock in a report on Thursday, January 11th. Raymond James reduced their target price on shares of Devon Energy from $53.00 to $52.00 and set an outperform rating on the stock in a report on Wednesday, January 24th. Finally, Citigroup increased their target price on shares of Devon Energy from $52.00 to $55.00 and gave the company a buy rating in a report on Monday, March 18th. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Devon Energy currently has a consensus rating of Moderate Buy and a consensus price target of $55.19.

Get Our Latest Analysis on Devon Energy

Devon Energy Stock Performance

Shares of DVN stock opened at $50.18 on Thursday. The stock has a market capitalization of $31.86 billion, a P/E ratio of 8.61 and a beta of 2.18. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The firm’s 50 day moving average is $44.45 and its 200 day moving average is $45.47. Devon Energy has a 12 month low of $40.47 and a 12 month high of $56.19.

Devon Energy (NYSE:DVNGet Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. Devon Energy’s revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.66 EPS. On average, sell-side analysts anticipate that Devon Energy will post 4.83 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.51%. Devon Energy’s dividend payout ratio (DPR) is currently 15.09%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of DVN. Pacer Advisors Inc. lifted its position in Devon Energy by 1,279.7% during the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after acquiring an additional 5,700,167 shares during the period. T. Rowe Price Investment Management Inc. increased its stake in Devon Energy by 96.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,608,577 shares of the energy company’s stock valued at $344,984,000 after purchasing an additional 2,752,752 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new stake in Devon Energy during the 3rd quarter valued at about $113,793,000. Morgan Stanley increased its stake in Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after purchasing an additional 2,220,194 shares in the last quarter. Finally, International Assets Investment Management LLC increased its stake in Devon Energy by 3,885.4% during the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock valued at $76,793,000 after purchasing an additional 1,652,671 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Devon Energy (NYSE:DVN)

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