Devon Energy (NYSE:DVN) Price Target Lowered to $82.00 at Barclays

Devon Energy (NYSE:DVNGet Rating) had its target price reduced by Barclays from $86.00 to $82.00 in a research note published on Monday morning, Benzinga reports. They currently have an equal weight rating on the energy company’s stock.

A number of other equities research analysts also recently issued reports on DVN. Morgan Stanley cut 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 report on Wednesday, October 19th. Argus lifted their price objective on Devon Energy from $77.00 to $90.00 and gave the company a buy rating in a research report on Thursday, November 17th. Mizuho reaffirmed a buy rating and issued a $82.00 target price (down from $86.00) on shares of Devon Energy in a research report on Tuesday, January 10th. The Goldman Sachs Group raised their price target on Devon Energy from $62.00 to $73.00 and gave the stock a neutral rating in a research note on Wednesday, October 19th. Finally, Jefferies Financial Group started coverage on Devon Energy in a research note on Wednesday, October 19th. They issued a hold rating and a $75.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $80.56.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $65.76 on Monday. The stock has a market cap of $42.99 billion, a PE ratio of 6.91, a price-to-earnings-growth ratio of 0.15 and a beta of 2.36. Devon Energy has a 12 month low of $42.87 and a 12 month high of $79.40. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.56. The business has a fifty day simple moving average of $64.03 and a 200-day simple moving average of $65.21.

Devon Energy (NYSE:DVNGet Rating) last announced its quarterly earnings data on Tuesday, November 1st. The energy company reported $2.18 EPS for the quarter, topping analysts’ consensus estimates of $2.13 by $0.05. The firm had revenue of $5.43 billion during the quarter, compared to analyst estimates of $4.91 billion. Devon Energy had a return on equity of 53.17% and a net margin of 33.01%. On average, sell-side analysts anticipate that Devon Energy will post 8.5 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 30th. Stockholders of record on Monday, December 12th were paid a $1.35 dividend. The ex-dividend date was Friday, December 9th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 8.21%. Devon Energy’s payout ratio is presently 7.56%.

Insiders Place Their Bets

In other news, EVP Dennis C. Cameron sold 5,557 shares of the firm’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 sale, the executive vice president now owns 258,981 shares in the company, valued at $18,252,980.88. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently added to or reduced their stakes in DVN. Continuum Advisory LLC grew its holdings in shares of Devon Energy by 2.2% during the 3rd quarter. Continuum Advisory LLC now owns 6,605 shares of the energy company’s stock worth $397,000 after purchasing an additional 143 shares in the last quarter. CRA Financial Services LLC boosted its stake in Devon Energy by 4.1% during the third quarter. CRA Financial Services LLC now owns 3,794 shares of the energy company’s stock worth $228,000 after buying an additional 150 shares in the last quarter. Wahed Invest LLC increased its holdings in Devon Energy by 2.1% in the 1st quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock valued at $469,000 after buying an additional 161 shares during the period. Transamerica Financial Advisors Inc. raised its stake in shares of Devon Energy by 9.5% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 2,013 shares of the energy company’s stock valued at $121,000 after buying an additional 174 shares in the last quarter. Finally, Deane Retirement Strategies Inc. lifted its holdings in shares of Devon Energy by 0.4% during the 4th quarter. Deane Retirement Strategies Inc. now owns 48,249 shares of the energy company’s stock worth $2,968,000 after acquiring an additional 178 shares during the period. 78.08% of the stock is owned by institutional investors and hedge funds.

Devon Energy Company Profile

(Get Rating)

Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.

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