Devon Energy (NYSE:DVN) Price Target Raised to $54.00 at Morgan Stanley

Devon Energy (NYSE:DVN) had its price objective upped by Morgan Stanley from $52.00 to $54.00 in a research note published on Tuesday morning, Benzinga reports. They currently have an overweight rating on the energy company’s stock.

DVN has been the topic of several other reports. Piper Sandler increased their price target on Devon Energy from $60.00 to $61.00 and gave the stock an overweight rating in a research report on Tuesday, May 14th. Stifel Nicolaus lifted their price target on Devon Energy from $65.00 to $66.00 and gave the company a buy rating in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. upped their price objective on Devon Energy from $62.00 to $64.00 and gave the stock an overweight rating in a research report on Monday. UBS Group lifted their target price on shares of Devon Energy from $48.00 to $57.00 and gave the company a neutral rating in a report on Wednesday, April 10th. Finally, Mizuho boosted their target price on shares of Devon Energy from $57.00 to $61.00 and gave the company a buy rating in a research note on Monday, May 13th. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Devon Energy has a consensus rating of Moderate Buy and an average target price of $60.00.

Devon Energy Stock Performance

Shares of DVN stock opened at $46.42 on Tuesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The business has a fifty day moving average of $47.86 and a 200 day moving average of $47.01. The firm has a market capitalization of $29.34 billion, a price-to-earnings ratio of 8.86, a price-to-earnings-growth ratio of 1.23 and a beta of 2.07. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company’s revenue was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.46 earnings per share. As a group, research analysts expect that Devon Energy will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a $0.22 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.90%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Insider Buying and Selling

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the transaction, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.73% of the stock is owned by company insiders.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently bought and sold shares of DVN. Tradewinds Capital Management LLC purchased a new position in Devon Energy in the 1st quarter worth approximately $30,000. Manchester Capital Management LLC acquired a new stake in shares of Devon Energy in the fourth quarter valued at approximately $28,000. Sound Income Strategies LLC lifted its position in Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after buying an additional 255 shares in the last quarter. Rise Advisors LLC boosted its stake in Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after buying an additional 669 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its holdings in Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after buying an additional 374 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.