BMO Capital Markets Trims Devon Energy (NYSE:DVN) Target Price to $48.00

Devon Energy (NYSE:DVN) had its target price trimmed by BMO Capital Markets from $52.00 to $48.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an outperform rating on the energy company’s stock.

Other equities research analysts have also issued reports about the company. Jefferies Financial Group initiated coverage on Devon Energy in a research note on Thursday. They set a hold rating and a $45.00 price objective for the company. StockNews.com downgraded Devon Energy from a buy rating to a hold rating in a report on Monday, September 2nd. Wolfe Research initiated coverage on shares of Devon Energy in a research report on Thursday, July 18th. They issued a peer perform rating on the stock. Barclays reduced their price target on shares of Devon Energy from $55.00 to $46.00 and set an equal weight rating for the company in a research report on Thursday. Finally, Wells Fargo & Company lowered their price objective on shares of Devon Energy from $55.00 to $50.00 and set an overweight rating on the stock in a research report on Tuesday, October 1st. Eight research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Devon Energy currently has a consensus rating of Moderate Buy and an average target price of $53.79.

Devon Energy Trading Up 1.5 %

Shares of DVN stock opened at $42.42 on Friday. The firm has a market capitalization of $26.81 billion, a PE ratio of 8.10, a price-to-earnings-growth ratio of 1.22 and a beta of 2.02. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy has a 1 year low of $37.76 and a 1 year high of $55.09. The stock has a fifty day moving average of $42.66 and a two-hundred day moving average of $46.82.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The firm had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.18 earnings per share. As a group, research analysts expect that Devon Energy will post 5.11 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date was Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently bought and sold shares of DVN. Triad Wealth Partners LLC bought a new stake in shares of Devon Energy in the second quarter valued at approximately $27,000. Tradewinds Capital Management LLC bought a new stake in shares of Devon Energy during the 1st quarter valued at $30,000. Jones Financial Companies Lllp lifted its position in shares of Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after acquiring an additional 374 shares during the period. 1620 Investment Advisors Inc. acquired a new stake in shares of Devon Energy during the 2nd quarter worth $34,000. Finally, PSI Advisors LLC increased its position in shares of Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after purchasing an additional 300 shares during the period. 69.72% of the stock is currently 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.