Devon Energy (NYSE:DVN) Price Target Raised to $50.00 at Morgan Stanley

Devon Energy (NYSE:DVN) had its target price upped by Morgan Stanley from $49.00 to $50.00 in a research note issued to investors on Monday, Benzinga reports. Morgan Stanley currently has an overweight rating on the energy company’s stock.

Several other research analysts have also recently commented on DVN. Barclays initiated coverage on shares of Devon Energy in a report on Wednesday, April 10th. They issued an equal weight rating and a $59.00 target price for the company. Raymond James decreased their target price on shares of Devon Energy from $53.00 to $52.00 and set an outperform rating for the company in a report on Wednesday, January 24th. Truist Financial decreased their target price on shares of Devon Energy from $69.00 to $66.00 and set a buy rating for the company in a report on Friday, April 5th. Wells Fargo & Company upgraded shares of Devon Energy from an equal weight rating to an overweight rating and raised their price target for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Finally, Mizuho decreased their price target on shares of Devon Energy from $54.00 to $53.00 and set a buy rating for the company in a report on Thursday, January 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $57.89.

Devon Energy Stock Down 1.4 %

Devon Energy stock opened at $52.68 on Monday. The stock has a market cap of $33.45 billion, a price-to-earnings ratio of 9.04 and a beta of 2.19. 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 company’s 50-day moving average price is $47.08 and its two-hundred day moving average price is $45.74. Devon Energy has a 52 week low of $40.47 and a 52 week high of $56.19.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter last year, the firm posted $1.66 EPS. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. On average, analysts expect that Devon Energy will post 5.02 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed 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. This represents a $1.76 annualized dividend and a yield of 3.34%. The ex-dividend date was Thursday, March 14th. Devon Energy’s payout ratio is presently 15.09%.

Hedge Funds Weigh In On Devon Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. raised its position in shares of Devon Energy by 1,279.7% in the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after purchasing an additional 5,700,167 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in Devon Energy by 96.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,608,577 shares of the energy company’s stock worth $344,984,000 after buying an additional 2,752,752 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in shares of Devon Energy in the 3rd quarter valued at $113,793,000. Morgan Stanley boosted its stake in shares of Devon Energy by 23.6% in 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 boosted its stake in shares of Devon Energy by 3,885.4% in 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. Institutional investors own 69.72% of the company’s stock.

Devon Energy Company Profile

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.