Devon Energy (NYSE:DVN) Price Target Cut to $50.00 by Analysts at Evercore ISI

Devon Energy (NYSE:DVN) had its target price decreased by Evercore ISI from $55.00 to $50.00 in a research report sent to investors on Monday morning, Benzinga reports. Evercore ISI currently has an in-line rating on the energy company’s stock.

Several other equities analysts have also recently weighed in on DVN. Bank of America reiterated a buy rating and set a $64.00 price objective on shares of Devon Energy in a report on Friday, June 14th. Piper Sandler cut their price objective on Devon Energy from $65.00 to $57.00 and set an overweight rating on the stock in a report on Thursday, August 15th. Scotiabank cut their target price on Devon Energy from $67.00 to $60.00 and set a sector outperform rating on the stock in a research note on Friday, July 12th. Susquehanna cut their target price on Devon Energy from $65.00 to $63.00 and set a positive rating on the stock in a research note on Wednesday, September 4th. Finally, StockNews.com cut Devon Energy from a buy rating to a hold rating in a research note on Monday, September 2nd. Seven research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $55.41.

Devon Energy Price Performance

Shares of DVN opened at $40.50 on Monday. Devon Energy has a 1 year low of $37.76 and a 1 year high of $55.09. 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 stock has a market cap of $25.60 billion, a P/E ratio of 7.73, a price-to-earnings-growth ratio of 1.22 and a beta of 2.02. The stock’s 50-day moving average price is $42.83 and its two-hundred day moving average price is $46.90.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share 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 for the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter in the previous year, the business posted $1.18 EPS. Devon Energy’s revenue for the quarter was up 13.4% on a year-over-year basis. On average, equities analysts predict that Devon Energy will post 5.11 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date was Friday, September 13th. Devon Energy’s dividend payout ratio is presently 16.79%.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently made changes to their positions in DVN. Vanguard Group Inc. boosted its holdings in shares of Devon Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after acquiring an additional 2,559,039 shares during the period. Pacer Advisors Inc. increased its position in 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 during the period. Los Angeles Capital Management LLC increased its position in Devon Energy by 7,165.6% during the second quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock worth $65,234,000 after acquiring an additional 1,357,311 shares during the period. Dimensional Fund Advisors LP raised 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 worth $416,779,000 after purchasing an additional 1,255,543 shares in the last quarter. Finally, National Bank of Canada FI boosted its holdings in Devon Energy by 447.6% in the 2nd quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock valued at $56,299,000 after purchasing an additional 964,147 shares during the period. Institutional investors 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.