Devon Energy (NYSE:DVN) Given New $41.00 Price Target at Scotiabank

Devon Energy (NYSE:DVN) had its price objective decreased by Scotiabank from $45.00 to $41.00 in a research report sent to investors on Monday morning, MarketBeat.com reports. Scotiabank currently has a sector perform rating on the energy company’s stock.

Several other equities research analysts also recently weighed in on DVN. Wells Fargo & Company increased their target price on shares of Devon Energy from $43.00 to $51.00 and gave the stock an “overweight” rating in a research note on Friday. Raymond James Financial raised their price target on Devon Energy from $44.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 11th. Capital One Financial reduced their price target on Devon Energy from $52.00 to $51.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 11th. The Goldman Sachs Group increased their price target on shares of Devon Energy from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, November 13th. Finally, Piper Sandler cut their price objective on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 18th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.23.

Devon Energy Stock Performance

NYSE:DVN opened at $43.66 on Monday. The company has a 50 day moving average price of $39.07 and a 200 day moving average price of $36.25. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $46.15. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98. The stock has a market capitalization of $27.07 billion, a P/E ratio of 10.47, a PEG ratio of 4.09 and a beta of 0.61.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.01. The business had revenue of $17.19 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The company’s revenue for the quarter was down 6.4% compared to the same quarter last year. During the same period last year, the firm earned $1.10 earnings per share. Equities research analysts forecast that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders 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 dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, March 13th. Devon Energy’s payout ratio is currently 23.02%.

Hedge Funds Weigh In On Devon Energy

Several hedge funds have recently made changes to their positions in DVN. Caldwell Trust Co acquired a new position in Devon Energy in the second quarter worth approximately $25,000. PFS Partners LLC acquired a new stake in Devon Energy during the 3rd quarter worth about $25,000. First Horizon Corp acquired a new stake in Devon Energy during the 3rd quarter worth about $26,000. Accredited Wealth Management LLC lifted its stake in Devon Energy by 61.6% during 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 in the last quarter. Finally, Ameriflex Group Inc. boosted its holdings in shares of Devon Energy by 702.0% in the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock worth $28,000 after buying an additional 702 shares during the period. 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.