Devon Energy (NYSE:DVN) Given New $46.00 Price Target at Raymond James

Devon Energy (NYSE:DVN) had its price objective decreased by Raymond James from $54.00 to $46.00 in a research report sent to investors on Monday morning,Benzinga reports. Raymond James currently has an outperform rating on the energy company’s stock.

Other equities research analysts have also issued research reports about the stock. Citigroup lowered shares of Devon Energy from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Wells Fargo & Company reduced their target price on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Cowen lowered Devon Energy to a “hold” rating and dropped their price target for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a report on Friday, January 10th. Finally, Truist Financial increased their target price on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Devon Energy Price Performance

Shares of DVN stock opened at $34.79 on Monday. The firm has a fifty day simple moving average of $35.36 and a 200-day simple moving average of $37.47. The company has a market capitalization of $22.58 billion, a PE ratio of 7.63, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. Devon Energy has a twelve month low of $30.39 and a twelve month high of $55.09. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Equities research analysts anticipate that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio (DPR) is currently 21.05%.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DVN. Hurley Capital LLC bought a new position in Devon Energy during the fourth quarter valued at about $26,000. Accredited Wealth Management LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at $28,000. Capital Performance Advisors LLP purchased a new position in Devon Energy in the 3rd quarter worth about $35,000. Cromwell Holdings LLC increased its stake in Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after purchasing an additional 598 shares in the last quarter. Finally, Sierra Ocean LLC purchased a new stake in Devon Energy during the fourth quarter valued at about $43,000. 69.72% of the stock is owned by institutional investors.

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.