Devon Energy (NYSE:DVN) Given New $50.00 Price Target at Morgan Stanley

Devon Energy (NYSE:DVN) had its price target increased by Morgan Stanley from $49.00 to $50.00 in a research report released on Monday, Benzinga reports. They currently have an overweight rating on the energy company’s stock.

Several other research firms have also recently issued reports on DVN. Truist Financial cut their price objective on Devon Energy from $69.00 to $66.00 and set a buy rating for the company in a research report on Friday, April 5th. Barclays initiated coverage on Devon Energy in a research report on Wednesday, April 10th. They issued an equal weight rating and a $59.00 price objective for the company. UBS Group increased their price objective on Devon Energy from $48.00 to $57.00 and gave the stock a neutral rating in a research report on Wednesday, April 10th. Wells Fargo & Company upgraded Devon Energy from an equal weight rating to an overweight rating and increased their price objective for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Finally, Citigroup increased their price objective on Devon Energy from $55.00 to $62.00 and gave the stock a buy rating in a research report on Thursday, April 11th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy has a consensus rating of Moderate Buy and a consensus price target of $57.89.

Devon Energy Price Performance

Devon Energy stock opened at $51.43 on Monday. Devon Energy has a 12 month low of $40.47 and a 12 month high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The business has a 50 day simple moving average of $47.69 and a 200-day simple moving average of $45.86. The stock has a market capitalization of $32.66 billion, a PE ratio of 8.82 and a beta of 2.19.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the prior year, the business earned $1.66 earnings per share. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. Equities analysts predict that Devon Energy will post 5.14 earnings per share for the current year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date was Thursday, March 14th. Devon Energy’s payout ratio is currently 15.09%.

Institutional Trading of Devon Energy

Large investors have recently made changes to their positions in the stock. Lord Abbett & CO. LLC boosted its stake in shares of Devon Energy by 15.5% during the third quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock valued at $26,221,000 after acquiring an additional 73,570 shares during the last quarter. Nordea Investment Management AB boosted its stake in shares of Devon Energy by 2.7% during the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock valued at $17,974,000 after acquiring an additional 9,823 shares during the last quarter. Atria Investments Inc boosted its stake in shares of Devon Energy by 64.4% during the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock valued at $2,606,000 after acquiring an additional 21,400 shares during the last quarter. Pearl River Capital LLC boosted its stake in shares of Devon Energy by 367.7% during the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after acquiring an additional 58,997 shares during the last quarter. Finally, National Bank of Canada FI boosted its stake in shares of Devon Energy by 548.8% during the third quarter. National Bank of Canada FI now owns 840,334 shares of the energy company’s stock valued at $38,356,000 after acquiring an additional 710,811 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.