Devon Energy (NYSE:DVN) PT Lowered to $49.00 at Truist Financial

Devon Energy (NYSE:DVN) had its target price trimmed by Truist Financial from $60.00 to $49.00 in a research note released on Monday, Benzinga reports. The brokerage currently has a buy rating on the energy company’s stock.

A number of other research firms have also weighed in on DVN. JPMorgan Chase & Co. lowered their price target on shares of Devon Energy from $64.00 to $51.00 and set an overweight rating for the company in a report on Thursday, September 12th. Piper Sandler lowered their target price on Devon Energy from $65.00 to $57.00 and set an overweight rating for the company in a research note on Thursday, August 15th. Royal Bank of Canada reiterated a sector perform rating and issued a $57.00 price target on shares of Devon Energy in a research note on Tuesday, September 3rd. Wells Fargo & Company lowered their price objective on Devon Energy from $57.00 to $55.00 and set an overweight rating for the company in a research note on Wednesday, August 14th. Finally, BMO Capital Markets raised Devon Energy to a strong-buy rating in a research report on Wednesday, July 3rd. Eight investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $54.11.

Devon Energy Trading Up 3.2 %

Shares of DVN opened at $41.80 on Monday. Devon Energy has a 12 month low of $37.76 and a 12 month high of $55.09. The stock’s 50-day moving average is $42.83 and its two-hundred day moving average is $46.90. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The stock has a market cap of $26.42 billion, a PE ratio of 7.98, a P/E/G ratio of 1.22 and a beta of 2.02.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping 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 firm had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same period in the previous year, the company posted $1.18 EPS. Devon Energy’s revenue for the quarter was up 13.4% on a year-over-year basis. Equities analysts forecast that Devon Energy will post 5.11 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s payout ratio is 16.79%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake 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 last quarter. Pacer Advisors Inc. lifted its position in Devon Energy by 16.8% in the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after purchasing an additional 1,428,776 shares during the last quarter. Raymond James & Associates boosted its stake in Devon Energy by 1.5% during 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 boosted its stake in Devon Energy by 16.7% during 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 purchasing an additional 1,255,543 shares during the period. Finally, Thrivent Financial for Lutherans grew its position in Devon Energy by 15.9% in the 2nd 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 during 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.