Devon Energy (NYSE:DVN) Now Covered by Truist Financial

Truist Financial assumed coverage on shares of Devon Energy (NYSE:DVN) in a research report report published on Tuesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $63.00 price objective on the energy company’s stock.

A number of other research firms have also commented on DVN. Benchmark restated a “buy” rating on shares of Devon Energy in a research report on Friday, January 16th. TD Cowen lifted their price objective on Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a research note on Tuesday, March 17th. Argus boosted their target price on Devon Energy from $41.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Mizuho upped their target price on Devon Energy from $51.00 to $62.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 17th. Finally, Raymond James Financial raised their price target on Devon Energy from $44.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, February 11th. Twenty-four research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $49.86.

Devon Energy Trading Up 3.8%

Shares of Devon Energy stock opened at $50.32 on Tuesday. The company’s 50-day moving average price is $43.03 and its 200-day moving average price is $37.88. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48. Devon Energy has a 12-month low of $25.89 and a 12-month high of $50.71. The company has a market cap of $31.20 billion, a price-to-earnings ratio of 12.07, a PEG ratio of 1.28 and a beta of 0.56.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The company had revenue of $4.12 billion during the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter in the previous year, the company earned $1.10 earnings per share. Devon Energy’s revenue for the quarter was down 6.4% on a year-over-year basis. On average, equities analysts expect that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, March 13th. Devon Energy’s dividend payout ratio is currently 23.02%.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently modified their holdings of DVN. Caldwell Trust Co bought a new stake in Devon Energy in the 2nd quarter worth approximately $25,000. PFS Partners LLC bought a new position in Devon Energy during the third quarter valued at approximately $25,000. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Devon Energy during the fourth quarter valued at approximately $25,000. First Horizon Corp purchased a new position in shares of Devon Energy during the third quarter worth approximately $26,000. Finally, Accredited Wealth Management LLC raised its stake in shares of Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $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.

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.