Evercore ISI Trims Devon Energy (NYSE:DVN) Target Price to $52.00

Devon Energy (NYSE:DVN – Get Rating) had its price target cut by Evercore ISI from $80.00 to $52.00 in a research note issued to investors on Tuesday morning, The Fly reports.

Other equities analysts also recently issued reports about the stock. Mizuho dropped their price target on shares of Devon Energy from $82.00 to $71.00 in a research note on Friday, March 10th. Piper Sandler dropped their price target on shares of Devon Energy from $89.00 to $85.00 and set an overweight rating on the stock in a research note on Tuesday, March 7th. Argus upped their price target on shares of Devon Energy from $77.00 to $90.00 and gave the stock a buy rating in a research note on Thursday, November 17th. Susquehanna lowered their target price on shares of Devon Energy from $79.00 to $72.00 and set a positive rating on the stock in a research report on Thursday, February 16th. Finally, Truist Financial lowered their target price on shares of Devon Energy from $80.00 to $70.00 and set a buy rating on the stock in a research report on Thursday, February 16th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Devon Energy currently has an average rating of Moderate Buy and an average price target of $73.21.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $49.22 on Tuesday. The company’s fifty day moving average is $59.50 and its two-hundred day moving average is $64.73. The company has a quick ratio of 1.19, a current ratio of 1.25 and a debt-to-equity ratio of 0.55. Devon Energy has a 12-month low of $48.31 and a 12-month high of $79.40. The company has a market cap of $32.19 billion, a P/E ratio of 5.50, a price-to-earnings-growth ratio of 0.14 and a beta of 2.33.

Devon Energy (NYSE:DVN – Get Rating) last posted its quarterly earnings results on Wednesday, February 15th. The energy company reported $1.66 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.09). Devon Energy had a return on equity of 52.20% and a net margin of 31.38%. The company had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period last year, the company posted $1.39 earnings per share. The company’s revenue was up .6% compared to the same quarter last year. Equities analysts expect that Devon Energy will post 7.04 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently declared a None dividend, which will be paid on Friday, March 31st. Investors of record on Wednesday, March 15th will be paid a $0.89 dividend. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a yield of 9.3%. This is a positive change from Devon Energy’s previous None dividend of $0.49. Devon Energy’s dividend payout ratio is 8.77%.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, CEO Richard E. Muncrief acquired 10,000 shares of the business’s stock in a transaction on Friday, February 17th. The stock was purchased at an average price of $53.28 per share, with a total value of $532,800.00. Following the acquisition, the chief executive officer now directly owns 1,973,977 shares of the company’s stock, valued at approximately $105,173,494.56. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Devon Energy news, CEO Richard E. Muncrief acquired 10,000 shares of the business’s stock in a transaction on Friday, February 17th. The stock was purchased at an average price of $53.28 per share, with a total value of $532,800.00. Following the acquisition, the chief executive officer now directly owns 1,973,977 shares of the company’s stock, valued at approximately $105,173,494.56. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John E. Bethancourt acquired 3,765 shares of the business’s stock in a transaction on Friday, February 17th. The stock was acquired at an average cost of $53.06 per share, with a total value of $199,770.90. Following the acquisition, the director now directly owns 94,669 shares in the company, valued at $5,023,137.14. The disclosure for this purchase can be found here. Insiders own 0.80% of the company’s stock.

Institutional Trading of Devon Energy

A number of institutional investors and hedge funds have recently made changes to their positions in DVN. WFA of San Diego LLC bought a new stake in shares of Devon Energy during the 4th quarter worth approximately $25,000. Tyler Stone Wealth Management bought a new stake in shares of Devon Energy during the 4th quarter worth approximately $25,000. Tradewinds Capital Management LLC lifted its holdings in shares of Devon Energy by 115.0% during the 4th quarter. Tradewinds Capital Management LLC now owns 430 shares of the energy company’s stock worth $26,000 after acquiring an additional 230 shares during the period. Canada Pension Plan Investment Board bought a new stake in shares of Devon Energy during the 1st quarter worth approximately $26,000. Finally, SJS Investment Consulting Inc. acquired a new position in Devon Energy during the 3rd quarter worth approximately $29,000. Institutional investors own 78.08% of the company’s stock.

About Devon Energy

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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.