Devon Energy (NYSE:DVN) Given New $65.00 Price Target at Susquehanna

Devon Energy (NYSE:DVN) had its target price increased by Susquehanna from $52.00 to $65.00 in a research report report published on Monday morning, Benzinga reports. The firm currently has a positive rating on the energy company’s stock.

DVN has been the subject of a number of other research reports. Mizuho reduced their target price on Devon Energy from $54.00 to $53.00 and set a buy rating for the company in a report on Thursday, January 11th. Raymond James reduced their target price on Devon Energy from $53.00 to $52.00 and set an outperform rating for the company in a report on Wednesday, January 24th. Royal Bank of Canada reissued a sector perform rating and set a $55.00 target price on shares of Devon Energy in a report on Thursday, March 7th. Barclays initiated coverage on Devon Energy in a report on Wednesday, April 10th. They set an equal weight rating and a $59.00 target price for the company. Finally, Truist Financial reduced their target price on Devon Energy from $69.00 to $66.00 and set a buy rating for the company in a report on Friday, April 5th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $58.28.

Devon Energy Stock Performance

NYSE DVN opened at $52.13 on Monday. The stock has a market capitalization of $33.10 billion, a price-to-earnings ratio of 8.94 and a beta of 2.19. Devon Energy has a twelve month low of $40.47 and a twelve month high of $55.09. 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 stock has a 50-day moving average of $48.09 and a 200 day moving average of $45.98.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. Devon Energy’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.66 EPS. Sell-side analysts anticipate that Devon Energy will post 5.14 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 $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.38%. Devon Energy’s payout ratio is 15.09%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in DVN. Pacer Advisors Inc. grew its position in 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 worth $278,396,000 after acquiring an additional 5,700,167 shares during the period. J.P. Morgan Private Wealth Advisors LLC purchased a new position in Devon Energy in the third quarter worth approximately $113,793,000. Morgan Stanley grew its position in Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after acquiring an additional 2,220,194 shares during the period. International Assets Investment Management LLC grew its position in Devon Energy by 3,885.4% in the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after acquiring an additional 1,652,671 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after buying an additional 1,488,374 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.