Devon Energy (NYSE:DVN) Given New $41.00 Price Target at Wells Fargo & Company

Devon Energy (NYSE:DVN) had its target price cut by Wells Fargo & Company from $46.00 to $41.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the energy company’s stock.

A number of other equities analysts have also recently issued reports on the company. Susquehanna lowered their target price on Devon Energy from $52.00 to $41.00 and set a “positive” rating for the company in a report on Tuesday, April 22nd. Cowen cut Devon Energy to a “hold” rating and reduced their price objective for the stock from $46.00 to $45.00 in a research report on Tuesday, February 18th. Citigroup dropped their target price on Devon Energy from $46.00 to $43.00 and set a “buy” rating on the stock in a research report on Friday, April 4th. Truist Financial upped their price target on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. Finally, Mizuho decreased their price target on shares of Devon Energy from $46.00 to $43.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average target price of $43.50.

Devon Energy Trading Down 1.4%

NYSE DVN opened at $34.61 on Monday. Devon Energy has a one year low of $25.89 and a one year high of $49.35. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The firm has a market cap of $22.22 billion, a P/E ratio of 7.59, a P/E/G ratio of 1.20 and a beta of 1.02. The stock’s 50-day moving average is $31.54 and its 200-day moving average is $33.57.

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

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date is Friday, June 13th. Devon Energy’s dividend payout ratio (DPR) is presently 21.87%.

Institutional Trading of Devon Energy

A number of hedge funds have recently made changes to their positions in the business. SVB Wealth LLC raised its stake in Devon Energy by 4.1% in the 1st quarter. SVB Wealth LLC now owns 8,131 shares of the energy company’s stock valued at $304,000 after acquiring an additional 321 shares during the period. Covestor Ltd increased its holdings in shares of Devon Energy by 15.9% in the fourth quarter. Covestor Ltd now owns 2,521 shares of the energy company’s stock valued at $83,000 after purchasing an additional 345 shares during the last quarter. Horizon Investments LLC raised its position in shares of Devon Energy by 4.1% in the fourth quarter. Horizon Investments LLC now owns 8,843 shares of the energy company’s stock valued at $289,000 after purchasing an additional 347 shares during the period. Tocqueville Asset Management L.P. lifted its stake in shares of Devon Energy by 3.0% during the 4th quarter. Tocqueville Asset Management L.P. now owns 12,242 shares of the energy company’s stock worth $401,000 after buying an additional 359 shares during the last quarter. Finally, Whittier Trust Co. boosted its holdings in shares of Devon Energy by 24.3% during the 1st quarter. Whittier Trust Co. now owns 1,927 shares of the energy company’s stock worth $72,000 after buying an additional 377 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

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.