Devon Energy (NYSE:DVN) Price Target Raised to $44.00 at Raymond James Financial

Devon Energy (NYSE:DVN) had its price objective hoisted by Raymond James Financial from $42.00 to $44.00 in a report published on Wednesday morning,MarketScreener reports. They currently have an outperform rating on the energy company’s stock.

DVN has been the subject of a number of other reports. Scotiabank reiterated an “outperform” rating on shares of Devon Energy in a report on Thursday, October 9th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Devon Energy in a research note on Monday. Siebert Williams Shank decreased their target price on shares of Devon Energy from $52.00 to $46.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Argus raised shares of Devon Energy to a “strong-buy” rating in a report on Wednesday, November 26th. Finally, Piper Sandler reduced their price target on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 18th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $43.86.

Devon Energy Stock Performance

Shares of DVN stock opened at $37.70 on Wednesday. The firm has a market cap of $23.65 billion, a price-to-earnings ratio of 8.87, a PEG ratio of 2.92 and a beta of 0.62. Devon Energy has a 52-week low of $25.89 and a 52-week high of $38.88. The company has a quick ratio of 0.87, a current ratio of 0.96 and a debt-to-equity ratio of 0.48. The company’s 50 day moving average is $34.33 and its 200 day moving average is $33.76.

Devon Energy (NYSE:DVN) last announced its earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.11. The business had revenue of $0.00 million for the quarter, compared to analysts’ expectations of $4.10 billion. Devon Energy had a return on equity of 18.14% and a net margin of 15.56%.During the same quarter last year, the firm earned $1.10 EPS. On average, sell-side analysts anticipate that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, December 15th. Devon Energy’s dividend payout ratio is presently 22.59%.

Institutional Trading of Devon Energy

Large investors have recently added to or reduced their stakes in the company. Allworth Financial LP raised its stake in shares of Devon Energy by 13.4% in the third quarter. Allworth Financial LP now owns 20,868 shares of the energy company’s stock worth $732,000 after purchasing an additional 2,465 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new position in Devon Energy in the 3rd quarter worth approximately $3,039,000. Tweedy Browne Co LLC raised its position in Devon Energy by 105.4% during the 3rd quarter. Tweedy Browne Co LLC now owns 14,189 shares of the energy company’s stock worth $497,000 after buying an additional 7,282 shares during the last quarter. Caerus Investment Advisors LLC purchased a new position in Devon Energy during the 3rd quarter worth approximately $623,000. Finally, Sunbelt Securities Inc. lifted its stake in Devon Energy by 19.9% during the 3rd quarter. Sunbelt Securities Inc. now owns 9,056 shares of the energy company’s stock valued at $317,000 after acquiring an additional 1,506 shares during the period. Hedge funds and other 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.