Devon Energy (NYSE:DVN) Price Target Cut to $61.00

Devon Energy (NYSE:DVN) had its target price reduced by Piper Sandler from $67.00 to $61.00 in a report published on Thursday, Benzinga reports. They currently have an overweight rating on the energy company’s stock.

A number of other research firms have also weighed in on DVN. Raymond James reduced their target price on Devon Energy from $70.00 to $62.00 and set a strong-buy rating on the stock in a research note on Monday, July 24th. Royal Bank of Canada cut their target price on shares of Devon Energy from $60.00 to $55.00 and set a sector perform rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. lowered their price target on shares of Devon Energy from $60.00 to $59.00 in a research report on Wednesday, October 11th. Wells Fargo & Company cut their price objective on shares of Devon Energy from $51.00 to $50.00 and set an equal weight rating on the stock in a report on Friday, October 20th. Finally, Bank of America increased their target price on Devon Energy from $54.00 to $58.00 in a research report on Wednesday, September 27th. Seven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $59.94.

Devon Energy Stock Down 2.7 %

Shares of NYSE DVN opened at $44.30 on Thursday. The company has a market cap of $28.38 billion, a P/E ratio of 7.57, a PEG ratio of 0.15 and a beta of 2.30. The firm has a 50-day simple moving average of $47.30 and a two-hundred day simple moving average of $48.92. Devon Energy has a 1 year low of $42.59 and a 1 year high of $71.02. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.89.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be paid a dividend of $0.77 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 6.95%. Devon Energy’s dividend payout ratio (DPR) is presently 13.68%.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently modified their holdings of DVN. Wahed Invest LLC increased its position in shares of Devon Energy by 2.1% in the first 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 in the last quarter. MCF Advisors LLC increased its stake in shares of Devon Energy by 8.5% during the second quarter. MCF Advisors LLC now owns 2,459 shares of the energy company’s stock worth $119,000 after purchasing an additional 192 shares in the last quarter. Duncker Streett & Co. Inc. raised its position in shares of Devon Energy by 13.2% during the 2nd quarter. Duncker Streett & Co. Inc. now owns 1,715 shares of the energy company’s stock worth $83,000 after purchasing an additional 200 shares during the last quarter. Janiczek Wealth Management LLC boosted its holdings in Devon Energy by 6.0% in the 2nd quarter. Janiczek Wealth Management LLC now owns 3,543 shares of the energy company’s stock worth $171,000 after buying an additional 202 shares during the last quarter. Finally, Diligent Investors LLC boosted its stake in shares of Devon Energy by 4.6% in the second quarter. Diligent Investors LLC now owns 4,639 shares of the energy company’s stock worth $224,000 after acquiring an additional 202 shares during the last quarter. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.