Devon Energy (NYSE:DVN) PT Lowered to $56.00 at Piper Sandler

Devon Energy (NYSE:DVN) had its price objective reduced by Piper Sandler from $57.00 to $56.00 in a report issued on Tuesday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the energy company’s stock.

Other research analysts have also issued reports about the stock. Wolfe Research initiated coverage on shares of Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Sanford C. Bernstein decreased their target price on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Truist Financial dropped their price target on Devon Energy from $60.00 to $49.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. JPMorgan Chase & Co. reduced their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Finally, Wells Fargo & Company lowered their price objective on Devon Energy from $55.00 to $50.00 and set an “overweight” rating for the company in a research note on Tuesday, October 1st. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $52.58.

Devon Energy Trading Down 0.3 %

Shares of NYSE DVN opened at $40.57 on Tuesday. The stock has a market capitalization of $25.64 billion, a P/E ratio of 7.74, a PEG ratio of 1.27 and a beta of 2.02. The stock’s 50 day moving average price is $42.24 and its two-hundred day moving average price is $46.39. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. Devon Energy has a 52-week low of $37.76 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last posted 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. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business’s revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.18 EPS. On average, analysts anticipate that Devon Energy will post 5.01 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

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

Institutional Investors Weigh In On Devon Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Triad Wealth Partners LLC acquired a new position in shares of Devon Energy in the 2nd quarter worth approximately $27,000. Tradewinds Capital Management LLC acquired a new position in Devon Energy in the first quarter worth approximately $30,000. 1620 Investment Advisors Inc. bought a new position in shares of Devon Energy in the second quarter valued at $34,000. PSI Advisors LLC lifted its position in shares of Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares during the last quarter. Finally, LRI Investments LLC acquired a new stake in shares of Devon Energy during the 1st quarter valued at $39,000. 69.72% of the stock is currently owned by institutional investors.

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.