Devon Energy (NYSE:DVN) Given New $50.00 Price Target at TD Cowen

Devon Energy (NYSE:DVN) had its price objective hoisted by TD Cowen from $46.00 to $50.00 in a report released on Tuesday morning, MarketBeat Ratings reports. The firm currently has a hold rating on the energy company’s stock.

Several other research analysts have also commented on DVN. Siebert Williams Shank raised their price target on shares of Devon Energy from $46.00 to $50.00 and gave the company a “buy” rating in a report on Monday, January 26th. BMO Capital Markets boosted their price objective on shares of Devon Energy from $45.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 3rd. Wells Fargo & Company increased their price objective on shares of Devon Energy from $43.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, February 20th. UBS Group lifted their target price on shares of Devon Energy from $50.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Finally, Zacks Research raised shares of Devon Energy from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Twenty-three analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $49.37.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $47.38 on Tuesday. The business has a 50-day moving average of $41.72 and a two-hundred day moving average of $37.41. The firm has a market capitalization of $29.38 billion, a PE ratio of 11.36, a P/E/G ratio of 4.47 and a beta of 0.56. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.90. Devon Energy has a 12 month low of $25.89 and a 12 month high of $47.50.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $3.67 billion. During the same period in the previous year, the company posted $1.10 EPS. The company’s revenue was down 6.4% compared to the same quarter last year. As a group, research analysts forecast that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.96 dividend on an annualized basis and a yield of 2.0%. Devon Energy’s dividend payout ratio is currently 23.02%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Caldwell Trust Co acquired a new position in shares of Devon Energy in the 2nd quarter valued at approximately $25,000. PFS Partners LLC acquired a new stake in shares of Devon Energy during the third quarter worth approximately $25,000. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Devon Energy in the fourth quarter worth $25,000. First Horizon Corp acquired a new stake in Devon Energy in the third quarter valued at $26,000. Finally, Accredited Wealth Management LLC raised its holdings in 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 acquiring an additional 308 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Key Devon Energy News

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Mizuho raised its price target to $62 and put an “outperform” rating on DVN — a large upside that signals stronger analyst conviction and likely increased buy interest. Read More.
• Positive Sentiment: Barclays raised its target to $54 and set an “overweight” rating, another vote of confidence from a major shop that supports upside vs. current levels. Read More.
• Positive Sentiment: Sector momentum: coverage highlights that rising crude prices (geopolitical risk around Iran) are benefiting top oil & gas names including Devon, lifting sentiment across the group. Read More.
• Positive Sentiment: Barron’s lists Devon as one of three “underappreciated” energy stocks to play an oil upswing, reinforcing institutional interest from value/contrarian investors. Read More.
• Positive Sentiment: The Motley Fool highlights Devon’s durable shareholder-return profile (low costs, FCF, pending Coterra merger) — fundamental reasons investors may bid the stock higher for yield and buyback upside. Read More.
• Positive Sentiment: Zacks notes Devon as a trending/market-beaten-upstock and reports a recent session gain, reflecting short-term retail/institutional attention. Read More.
• Neutral Sentiment: TD Cowen nudged its target to $50 but kept a “hold” rating (only modest upside), so this is less directional than the larger upgrades. Read More.
• Neutral Sentiment: Zacks and Yahoo Finance pieces reviewing Q4/peer comparisons and “trending” status provide context on fundamentals and peer-relative performance but contain no new catalyst. Read More. · Read More.

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.