Truist Financial Lowers Devon Energy (NYSE:DVN) Price Target to $42.00

Devon Energy (NYSE:DVN) had its price objective cut by Truist Financial from $43.00 to $42.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a hold rating on the energy company’s stock.

A number of other analysts have also issued reports on the company. Morgan Stanley cut their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Jefferies Financial Group started coverage on Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price objective on the stock. TD Cowen cut their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a report on Thursday, December 5th. Finally, Benchmark reissued a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $49.27.

Devon Energy Trading Up 3.4 %

DVN opened at $38.45 on Monday. Devon Energy has a one year low of $30.39 and a one year high of $55.09. The stock has a market capitalization of $25.26 billion, a PE ratio of 7.13, a P/E/G ratio of 1.07 and a beta of 2.00. The business’s 50 day moving average price is $35.54 and its 200 day moving average price is $40.42. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.65 earnings per share. As a group, equities research analysts expect that Devon Energy will post 4.79 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.29%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently made changes to their positions in the business. Capital Performance Advisors LLP purchased a new position in Devon Energy during the third quarter worth about $35,000. Future Financial Wealth Managment LLC purchased a new position in Devon Energy in the third quarter valued at about $39,000. True Wealth Design LLC increased its holdings in Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after buying an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. increased its holdings in Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after buying an additional 290 shares in the last quarter. Finally, Activest Wealth Management increased its holdings in Devon Energy by 60.4% in the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after buying an additional 480 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.