Devon Energy (NYSE:DVN) PT Raised to $90.00

Devon Energy (NYSE:DVNGet Rating) had its target price lifted by Argus from $77.00 to $90.00 in a report released on Thursday morning, The Fly reports. They currently have a buy rating on the energy company’s stock.

A number of other analysts have also recently commented on DVN. Truist Financial lifted their target price on shares of Devon Energy from $110.00 to $115.00 and gave the stock a buy rating in a research note on Wednesday, August 10th. The Goldman Sachs Group lifted their target price on shares of Devon Energy from $62.00 to $73.00 and gave the stock a neutral rating in a research note on Wednesday, October 19th. Raymond James lifted their target price on shares of Devon Energy from $83.00 to $87.00 and gave the stock a strong-buy rating in a research note on Monday, November 14th. Citigroup lifted their target price on shares of Devon Energy to $80.00 in a research note on Thursday, October 27th. Finally, Morgan Stanley lowered their target price on shares of Devon Energy from $69.00 to $67.00 and set an equal weight rating for the company in a research note on Wednesday, October 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $81.28.

Devon Energy Stock Down 1.9 %

Shares of Devon Energy stock opened at $69.62 on Thursday. The firm’s 50 day moving average price is $69.33 and its 200-day moving average price is $66.16. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.56. Devon Energy has a 52-week low of $35.55 and a 52-week high of $79.40. The company has a market cap of $45.51 billion, a P/E ratio of 7.31, a PEG ratio of 0.15 and a beta of 2.45.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Monday, December 12th will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 7.76%. The ex-dividend date of this dividend is Friday, December 9th. Devon Energy’s dividend payout ratio is currently 65.13%.

Insider Activity at Devon Energy

In related news, EVP Dennis C. Cameron sold 5,557 shares of the business’s stock in a transaction on Wednesday, November 9th. The shares were sold at an average price of $70.48, for a total value of $391,657.36. Following the completion of the transaction, the executive vice president now directly owns 258,981 shares in the company, valued at approximately $18,252,980.88. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Devon Energy

Several large investors have recently made changes to their positions in the company. State Street Corp increased its holdings in Devon Energy by 7.3% in the 3rd quarter. State Street Corp now owns 42,814,521 shares of the energy company’s stock worth $2,574,437,000 after acquiring an additional 2,902,180 shares in the last quarter. Yacktman Asset Management LP purchased a new stake in Devon Energy in the 3rd quarter worth $160,242,000. Boston Partners increased its holdings in Devon Energy by 36.6% in the 1st quarter. Boston Partners now owns 7,774,464 shares of the energy company’s stock worth $459,821,000 after acquiring an additional 2,083,360 shares in the last quarter. FMR LLC increased its holdings in Devon Energy by 9.8% in the 2nd quarter. FMR LLC now owns 23,000,119 shares of the energy company’s stock worth $1,267,536,000 after acquiring an additional 2,060,138 shares in the last quarter. Finally, Bank of Montreal Can increased its holdings in Devon Energy by 276.7% in the 1st quarter. Bank of Montreal Can now owns 2,373,320 shares of the energy company’s stock worth $143,776,000 after acquiring an additional 1,743,220 shares in the last quarter. 79.19% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Company Profile

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Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

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