Wolfe Research Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its target price upped by Wolfe Research from $58.00 to $64.00 in a report released on Monday morning,MarketScreener reports.

Several other research analysts have also issued reports on the company. Piper Sandler raised their price target on Devon Energy from $55.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, March 5th. Mizuho set a $51.00 target price on Devon Energy in a research note on Tuesday, February 3rd. Sanford C. Bernstein reduced their target price on Devon Energy from $48.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, January 5th. The Goldman Sachs Group boosted their target price on Devon Energy from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, November 13th. Finally, Argus upped their price target on Devon Energy from $41.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Twenty-three equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $48.54.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $44.77 on Monday. Devon Energy has a 1-year low of $25.89 and a 1-year high of $46.15. The firm’s 50-day moving average price is $40.62 and its two-hundred day moving average price is $36.97. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $27.76 billion, a price-to-earnings ratio of 10.74, a P/E/G ratio of 4.50 and a beta of 0.56.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The business had revenue of $17.19 billion during the quarter, compared to analysts’ expectations of $3.67 billion. During the same period in the previous year, the business posted $1.10 earnings per share. The firm’s revenue for the quarter was down 6.4% compared to the same quarter last year. On average, equities analysts predict 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 Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.96 annualized dividend and a yield of 2.1%. Devon Energy’s payout ratio is 23.02%.

Institutional Investors Weigh In On Devon Energy

Large investors have recently made changes to their positions in the stock. Caldwell Trust Co bought a new position in Devon Energy during the second quarter worth about $25,000. PFS Partners LLC acquired a new position in Devon Energy during the third quarter worth approximately $25,000. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy in the fourth quarter valued at approximately $25,000. First Horizon Corp acquired a new stake in shares of Devon Energy in the third quarter valued at approximately $26,000. Finally, Accredited Wealth Management LLC lifted its position in shares of Devon Energy by 61.6% in the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after buying an additional 308 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.