Devon Energy (NYSE:DVN) Given New $62.00 Price Target at Mizuho

Devon Energy (NYSE:DVN) had its price objective increased by Mizuho from $51.00 to $62.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the energy company’s stock.

Other equities analysts have also recently issued reports about the company. Barclays raised their price objective on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Monday. Raymond James Financial increased their target price on shares of Devon Energy from $44.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, February 11th. Scotiabank reduced their price target on shares of Devon Energy from $45.00 to $41.00 and set a “sector perform” rating on the stock in a research report on Monday, February 23rd. Johnson Rice decreased their price target on shares of Devon Energy from $70.00 to $62.00 and set a “buy” rating for the company in a report on Friday, December 5th. Finally, Susquehanna boosted their price objective on shares of Devon Energy from $47.00 to $52.00 and gave the company a “positive” rating in a research report on Friday, February 20th. Twenty-three analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $49.37.

Devon Energy Stock Up 1.6%

Shares of Devon Energy stock opened at $47.38 on Tuesday. The business has a 50-day moving average price of $41.72 and a 200 day moving average price of $37.41. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $47.50. The firm has a market cap of $29.38 billion, a P/E ratio of 11.36, a P/E/G ratio of 4.47 and a beta of 0.56. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, topping 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 company had revenue of $17.19 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same quarter last year, the firm earned $1.10 EPS. The business’s revenue was down 6.4% on a year-over-year basis. On average, sell-side analysts forecast that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

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

Institutional Trading of Devon Energy

Institutional investors have recently bought and sold shares of the stock. Pacer Advisors Inc. boosted its stake in shares of Devon Energy by 2,108.0% in the 4th quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock valued at $233,953,000 after purchasing an additional 6,097,658 shares in the last quarter. Panagora Asset Management Inc. grew its stake in Devon Energy by 42,376.5% during the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock worth $132,206,000 after buying an additional 3,600,731 shares during the last quarter. Kimmeridge Energy Management Company LLC raised its stake in shares of Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after acquiring an additional 3,195,862 shares during the last quarter. AQR Capital Management LLC grew its position in Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after acquiring an additional 2,802,137 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in Devon Energy by 608.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,695,079 shares of the energy company’s stock worth $98,721,000 after acquiring an additional 2,314,843 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Key Stories Impacting Devon Energy

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.