UBS Group Cuts Devon Energy (NYSE:DVN) Price Target to $47.00

Devon Energy (NYSE:DVN) had its target price cut by UBS Group from $53.00 to $47.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a neutral rating on the energy company’s stock.

Other analysts also recently issued reports about the stock. Bank of America reaffirmed a buy rating and set a $64.00 price objective on shares of Devon Energy in a report on Friday, June 14th. StockNews.com cut Devon Energy from a buy rating to a hold rating in a research report on Monday, September 2nd. Morgan Stanley lowered their price objective on Devon Energy from $55.00 to $51.00 and set an overweight rating on the stock in a research note on Monday, September 16th. Truist Financial cut their target price on Devon Energy from $67.00 to $64.00 and set a buy rating for the company in a research report on Tuesday, July 9th. Finally, Sanford C. Bernstein lowered their price target on Devon Energy from $48.00 to $43.00 and set a market perform rating on the stock in a research report on Wednesday, July 17th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Devon Energy presently has a consensus rating of Moderate Buy and a consensus price target of $57.00.

Devon Energy Stock Down 0.5 %

NYSE:DVN opened at $40.78 on Wednesday. The business’s fifty day moving average price is $44.17 and its 200 day moving average price is $47.30. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $25.77 billion, a price-to-earnings ratio of 7.78, a PEG ratio of 1.13 and a beta of 2.03. Devon Energy has a 1-year low of $39.02 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same period in the previous year, the company earned $1.18 EPS. The firm’s revenue was up 13.4% on a year-over-year basis. On average, sell-side analysts forecast that Devon Energy will post 5.36 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio is 16.79%.

Institutional Investors Weigh In On Devon Energy

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after buying an additional 2,559,039 shares during the period. Pacer Advisors Inc. increased its position in shares of Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after acquiring an additional 1,428,776 shares in the last quarter. Raymond James & Associates raised its stake in shares of Devon Energy by 1.5% in the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock valued at $435,311,000 after purchasing an additional 138,919 shares during the period. Dimensional Fund Advisors LP lifted its stake in Devon Energy by 16.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock valued at $416,779,000 after acquiring an additional 1,255,543 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in shares of Devon Energy by 15.9% in the second quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock worth $241,456,000 after purchasing an additional 699,743 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

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.