Devon Energy (NYSE:DVN) Price Target Raised to $60.00 at Citigroup

Devon Energy (NYSE:DVN) had its price target increased by Citigroup from $44.00 to $60.00 in a report published on Monday,Benzinga reports. The firm currently has a buy rating on the energy company’s stock.

Several other research firms have also recently commented on DVN. Siebert Williams Shank raised their target price on shares of Devon Energy from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. JPMorgan Chase & Co. cut their price target on shares of Devon Energy from $44.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, January 15th. UBS Group raised their price objective on shares of Devon Energy from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. BMO Capital Markets lifted their price objective on Devon Energy from $45.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday, March 3rd. Finally, TD Cowen boosted their target price on Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a research report on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.89.

Devon Energy Stock Performance

Shares of DVN stock opened at $51.51 on Monday. The stock’s 50-day moving average is $44.20 and its two-hundred day moving average is $38.34. The firm has a market cap of $31.94 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 1.12 and a beta of 0.56. Devon Energy has a 1 year low of $25.89 and a 1 year high of $52.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98.

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

Devon Energy Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, March 13th. Devon Energy’s dividend payout ratio (DPR) is 23.02%.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently modified their holdings of the business. Woodline Partners LP increased its position in Devon Energy by 98.8% during the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after purchasing an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Devon Energy in the second quarter valued at approximately $403,000. Global Retirement Partners LLC acquired a new position in shares of Devon Energy in the second quarter valued at approximately $241,000. Elevation Point Wealth Partners LLC purchased a new position in shares of Devon Energy during the second quarter valued at approximately $34,000. Finally, State Board of Administration of Florida Retirement System lifted its stake in shares of Devon Energy by 1.4% during the second quarter. State Board of Administration of Florida Retirement System now owns 697,069 shares of the energy company’s stock valued at $22,174,000 after buying an additional 9,710 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Key Devon Energy News

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

• Positive Sentiment: Major analyst upgrade: Citigroup raised its price target on DVN from $44 to $60 and moved to a “buy” rating, signaling a meaningful upside case and likely supporting investor interest. Benzinga
• Positive Sentiment: Additional upward target: American Banking News reported a new $59 price target, reinforcing recent analyst optimism and suggesting analyst consensus is trending higher. Price Target Raised to $59
• Positive Sentiment: Fundamental/value narrative: Zacks highlighted DVN as a strong value stock based on style/valuation scores, which can attract income/value investors and support multiple re-ratings if commodity/earnings outlooks remain stable. Zacks — Strong Value Stock
• Neutral Sentiment: Investor attention: Multiple Zacks pieces and other outlets note elevated investor interest and searching activity for DVN; this can increase volume and volatility but is not by itself directional. Zacks — Attracting Attention
• Negative Sentiment: Near‑term weakness: Market writeups noted DVN posted a larger intraday decline than the broader market, signaling short‑term selling and profit‑taking despite the analyst upgrades; this may pressure the stock until catalysts (earnings, commodity moves, or further upgrades) change sentiment. Yahoo Finance — Suffers a Larger Drop Zacks — Suffers a Larger Drop

About Devon Energy

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.