Devon Energy (NYSE:DVN) Price Target Raised to $54.00 at Barclays

Devon Energy (NYSE:DVN) had its price objective lifted by Barclays from $52.00 to $54.00 in a report released on Monday,Benzinga reports. They currently have an overweight rating on the energy company’s stock.

DVN has been the topic of a number of other reports. Raymond James Financial boosted 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. Roth Mkm reaffirmed a “buy” rating and set a $50.00 price target on shares of Devon Energy in a research note on Thursday, February 19th. Scotiabank cut 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 report on Monday, February 23rd. Citigroup boosted their price objective on shares of Devon Energy from $43.00 to $44.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Finally, Benchmark restated a “buy” rating on shares of Devon Energy in a report on Friday, January 16th. Twenty-three equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.92.

Devon Energy Price Performance

Devon Energy stock opened at $46.64 on Monday. The stock has a 50-day moving average price of $41.49 and a two-hundred day moving average price of $37.33. Devon Energy has a 12 month low of $25.89 and a 12 month high of $46.91. The company has a market capitalization of $28.92 billion, a PE ratio of 11.18, a P/E/G ratio of 4.43 and a beta of 0.56. 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 (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.01. The company 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 business’s quarterly revenue was down 6.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.10 earnings per share. Analysts expect that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a $0.24 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. Devon Energy’s payout ratio is 23.02%.

Institutional Investors Weigh In On Devon Energy

Several large investors have recently modified their holdings of the company. Caldwell Trust Co acquired a new position in Devon Energy in the second quarter valued at $25,000. PFS Partners LLC bought a new stake in Devon Energy during the third quarter valued at $25,000. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Devon Energy during the 4th quarter worth about $25,000. First Horizon Corp bought a new position in shares of Devon Energy in the 3rd quarter worth about $26,000. Finally, Accredited Wealth Management LLC raised its position in shares of Devon Energy by 61.6% in the 3rd 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 institutional investors and hedge funds.

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.