Devon Energy (NYSE:DVN) Given New $48.00 Price Target at Scotiabank

Devon Energy (NYSE:DVN) had its price target cut by Scotiabank from $60.00 to $48.00 in a research report released on Thursday, Benzinga reports. They currently have a sector outperform rating on the energy company’s stock.

A number of other research analysts have also issued reports on DVN. Morgan Stanley dropped their target price on Devon Energy from $55.00 to $51.00 and set an overweight rating on the stock in a report on Monday, September 16th. Jefferies Financial Group initiated coverage on Devon Energy in a report on Thursday, October 3rd. They issued a hold rating and a $45.00 target price on the stock. StockNews.com lowered Devon Energy from a buy rating to a hold rating in a report on Monday, September 2nd. Sanford C. Bernstein dropped their target price on Devon Energy from $48.00 to $43.00 and set a market perform rating on the stock in a report on Wednesday, July 17th. Finally, Wolfe Research initiated coverage on Devon Energy in a report on Thursday, July 18th. They issued a peer perform rating on the stock. Eight investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $52.63.

Devon Energy Price Performance

Shares of NYSE DVN opened at $42.96 on Thursday. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. Devon Energy has a twelve month low of $37.76 and a twelve month high of $55.09. The stock has a 50 day moving average of $42.37 and a two-hundred day moving average of $46.58. The stock has a market cap of $27.15 billion, a P/E ratio of 8.20, a P/E/G ratio of 1.27 and a beta of 2.02.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating 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 business earned $1.18 earnings per share. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. On average, research analysts forecast that Devon Energy will post 5.01 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $0.22 per share. The ex-dividend date was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.05%. Devon Energy’s payout ratio is 16.79%.

Institutional Trading of Devon Energy

A number of institutional investors have recently bought and sold shares of DVN. Triad Wealth Partners LLC purchased a new stake in Devon Energy during the second quarter worth $27,000. Tradewinds Capital Management LLC purchased a new stake in shares of Devon Energy in the first quarter valued at $30,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Devon Energy during the second quarter valued at $34,000. PSI Advisors LLC boosted its stake in shares of Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares during the last quarter. Finally, LRI Investments LLC acquired a new stake in shares of Devon Energy during the first quarter valued at $39,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.