Piper Sandler Cuts Devon Energy (NYSE:DVN) Price Target to $57.00

Devon Energy (NYSE:DVN) had its target price lowered by Piper Sandler from $58.00 to $57.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the energy company’s stock.

Several other analysts have also commented on the stock. Tudor, Pickering, Holt & Co. raised their price target on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. JPMorgan Chase & Co. raised their price target on shares of Devon Energy from $40.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. Wall Street Zen upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Thursday, May 15th. Mizuho dropped their price target on shares of Devon Energy from $46.00 to $43.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 13th. Finally, BMO Capital Markets raised their price target on shares of Devon Energy from $48.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, July 14th. Eleven research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $43.93.

Devon Energy Stock Down 0.4%

DVN stock opened at $33.70 on Thursday. The firm has a market cap of $21.39 billion, a PE ratio of 7.56, a P/E/G ratio of 1.91 and a beta of 1.07. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The firm’s fifty day moving average is $33.25 and its 200 day moving average is $33.14. Devon Energy has a one year low of $25.89 and a one year high of $46.04.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The firm’s revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the business earned $1.41 earnings per share. On average, research analysts forecast that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy’s dividend payout ratio (DPR) is currently 21.52%.

Insider Buying and Selling at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the firm’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the transaction, the director directly owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently modified their holdings of DVN. Opal Wealth Advisors LLC acquired a new stake in Devon Energy during the second quarter worth about $25,000. Financial Gravity Asset Management Inc. acquired a new stake in Devon Energy during the first quarter worth about $26,000. Banque Cantonale Vaudoise acquired a new stake in Devon Energy during the first quarter worth about $26,000. Accredited Wealth Management LLC acquired a new stake in Devon Energy during the fourth quarter worth about $28,000. Finally, Trust Co. of Vermont increased its position in Devon Energy by 241.3% during the second quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock worth $30,000 after purchasing an additional 666 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.