Devon Energy (NYSE:DVN) Price Target Raised to $43.00

Devon Energy (NYSE:DVN) had its target price upped by The Goldman Sachs Group from $38.00 to $43.00 in a report released on Thursday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the energy company’s stock.

A number of other research firms also recently issued reports on DVN. Citigroup cut their target price on shares of Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a research report on Friday, April 4th. Truist Financial increased their target price on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. Benchmark reiterated a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a research report on Thursday, February 20th. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Thursday. Finally, Cowen downgraded shares of Devon Energy to a “hold” rating and cut their price target for the company from $46.00 to $45.00 in a report on Tuesday, February 18th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $43.83.

Devon Energy Trading Down 0.4%

Devon Energy stock opened at $33.26 on Thursday. The company has a 50 day moving average price of $32.50 and a 200 day moving average price of $34.54. Devon Energy has a 52 week low of $25.89 and a 52 week high of $50.24. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The firm has a market capitalization of $21.35 billion, a price-to-earnings ratio of 7.29, a P/E/G ratio of 1.20 and a beta of 1.00.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. During the same period in the prior year, the business posted $1.16 EPS. The company’s revenue for the quarter was up 23.8% on a year-over-year basis. Research analysts forecast that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 2.89%. Devon Energy’s dividend payout ratio (DPR) is presently 21.87%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Redwood Wealth Management Group LLC grew its position in Devon Energy by 3.9% in the 4th quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock worth $266,000 after purchasing an additional 309 shares during the last quarter. SVB Wealth LLC grew its position in Devon Energy by 4.1% in the 1st quarter. SVB Wealth LLC now owns 8,131 shares of the energy company’s stock worth $304,000 after purchasing an additional 321 shares during the last quarter. Cornerstone Wealth Management LLC increased its stake in Devon Energy by 1.6% in the fourth quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock valued at $695,000 after acquiring an additional 326 shares during the period. Annex Advisory Services LLC increased its stake in Devon Energy by 1.2% in the fourth quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company’s stock valued at $884,000 after acquiring an additional 327 shares during the period. Finally, Independence Bank of Kentucky increased its stake in Devon Energy by 7.8% in the fourth quarter. Independence Bank of Kentucky now owns 4,580 shares of the energy company’s stock valued at $150,000 after acquiring an additional 330 shares during the period. 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.