Truist Financial Raises Devon Energy (NYSE:DVN) Price Target to $69.00

Devon Energy (NYSE:DVN) had its target price upped by Truist Financial from $66.00 to $69.00 in a research note issued to investors on Monday morning, Benzinga reports. Truist Financial currently has a buy rating on the energy company’s stock.

Several other equities analysts have also recently commented on the stock. Stifel Nicolaus reduced their price objective on shares of Devon Energy from $75.00 to $65.00 and set a buy rating for the company in a research note on Friday, March 22nd. Mizuho cut their price target on shares of Devon Energy from $54.00 to $53.00 and set a buy rating for the company in a research note on Thursday, January 11th. UBS Group boosted their price target on shares of Devon Energy from $48.00 to $57.00 and gave the stock a neutral rating in a research note on Wednesday, April 10th. Raymond James cut their price target on shares of Devon Energy from $53.00 to $52.00 and set an outperform rating for the company in a research note on Wednesday, January 24th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Devon Energy from $57.00 to $62.00 and gave the stock an overweight rating in a research note on Monday, April 8th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Devon Energy has an average rating of Moderate Buy and a consensus price target of $58.33.

Devon Energy Price Performance

DVN opened at $52.09 on Monday. The company has a market capitalization of $33.08 billion, a price-to-earnings ratio of 8.93 and a beta of 2.19. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The firm has a 50-day moving average price of $48.51 and a 200-day moving average price of $46.09. Devon Energy has a twelve month low of $40.47 and a twelve month high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. The company had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. Devon Energy’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.66 earnings per share. Equities analysts expect that Devon Energy will post 5.2 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.38%. Devon Energy’s dividend payout ratio is currently 15.09%.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DVN. Pacer Advisors Inc. raised its holdings in Devon Energy by 1,279.7% during the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after buying an additional 5,700,167 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new stake in Devon Energy during the 3rd quarter valued at $113,793,000. Morgan Stanley raised its holdings in Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after buying an additional 2,220,194 shares during the last quarter. International Assets Investment Management LLC raised its holdings in Devon Energy by 3,885.4% during the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock valued at $76,793,000 after buying an additional 1,652,671 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after buying an additional 1,488,374 shares during the last quarter. 69.72% of the stock is currently owned by 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.