Devon Energy (NYSE:DVN) Price Target Increased to $69.00 by Analysts at Truist Financial

Devon Energy (NYSE:DVN) had its target price lifted by Truist Financial from $66.00 to $69.00 in a research report report published on Monday, Benzinga reports. The firm currently has a buy rating on the energy company’s stock.

DVN has been the subject of a number of other research reports. Scotiabank increased their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a sector outperform rating in a research report on Thursday, April 11th. Mizuho cut 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. Barclays started coverage on shares of Devon Energy in a report on Wednesday, April 10th. They issued an equal weight rating and a $59.00 price target for the company. Morgan Stanley upped their price target on shares of Devon Energy from $49.00 to $50.00 and gave the company an overweight rating in a report on Monday, April 15th. Finally, Raymond James cut their price target 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. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy has an average rating of Moderate Buy and an average target price of $58.28.

Devon Energy Stock Performance

Shares of DVN opened at $52.13 on Monday. The firm has a 50-day moving average price of $48.09 and a 200 day moving average price of $45.98. The firm has a market capitalization of $33.10 billion, a PE ratio of 8.94 and a beta of 2.19. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. Devon Energy has a 52-week low of $40.47 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates 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 quarter in the prior year, the firm posted $1.66 EPS. On average, sell-side analysts anticipate that Devon Energy will post 5.14 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.38%. Devon Energy’s dividend payout ratio is 15.09%.

Hedge Funds Weigh In On Devon Energy

Large investors have recently made changes to their positions in the business. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Devon Energy in the 3rd quarter valued at about $27,000. Manchester Capital Management LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at about $28,000. Tradewinds Capital Management LLC acquired a new position in shares of Devon Energy in the 1st quarter valued at about $30,000. Sound Income Strategies LLC increased its holdings in shares of Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after purchasing an additional 255 shares during the period. Finally, Rise Advisors LLC increased its holdings in Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after buying an additional 669 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.