Devon Energy (NYSE:DVN) PT Lowered to $49.00 at Truist Financial

Devon Energy (NYSE:DVN) had its price target cut by Truist Financial from $60.00 to $49.00 in a research note released on Monday morning, Benzinga reports. They currently have a buy rating on the energy company’s stock.

DVN has been the topic of a number of other reports. UBS Group dropped their price objective on Devon Energy from $53.00 to $47.00 and set a neutral rating on the stock in a research note on Wednesday, September 18th. Morgan Stanley dropped their price objective on Devon Energy from $55.00 to $51.00 and set an overweight rating on the stock in a research note on Monday, September 16th. JPMorgan Chase & Co. dropped their price objective on Devon Energy from $64.00 to $51.00 and set an overweight rating on the stock in a research note on Thursday, September 12th. Piper Sandler dropped their price objective on Devon Energy from $65.00 to $57.00 and set an overweight rating on the stock in a research note on Thursday, August 15th. Finally, StockNews.com lowered Devon Energy from a buy rating to a hold rating in a research note on Monday, September 2nd. Seven analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $55.41.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $40.50 on Monday. Devon Energy has a fifty-two week low of $37.76 and a fifty-two week high of $55.09. The business has a 50-day moving average of $42.83 and a two-hundred day moving average of $46.90. The stock has a market capitalization of $25.60 billion, a P/E ratio of 7.73, a P/E/G ratio of 1.22 and a beta of 2.02. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter in the previous year, the firm earned $1.18 earnings per share. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. On average, equities research analysts predict that Devon Energy will post 5.11 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s payout ratio is 16.79%.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently added to or reduced their stakes in DVN. Triad Wealth Partners LLC acquired a new stake in Devon Energy during the second quarter valued at approximately $27,000. Tradewinds Capital Management LLC acquired a new position in shares of Devon Energy in the 1st quarter worth approximately $30,000. Jones Financial Companies Lllp boosted its holdings in shares of Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in shares of Devon Energy in the 2nd quarter worth approximately $34,000. Finally, PSI Advisors LLC boosted its holdings in shares of Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after acquiring an additional 300 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Company Profile

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.