Citigroup Raises Devon Energy (NYSE:DVN) Price Target to $62.00

Devon Energy (NYSE:DVN) had its target price boosted by Citigroup from $55.00 to $62.00 in a report released on Thursday morning, Benzinga reports. Citigroup currently has a buy rating on the energy company’s stock.

Several other equities analysts have also commented on the stock. Morgan Stanley increased their target price on shares of Devon Energy from $48.00 to $49.00 and gave the company an overweight rating in a report on Thursday, March 28th. Wells Fargo & Company raised shares of Devon Energy from an equal weight rating to an overweight rating and raised their price target for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Stifel Nicolaus cut their price target on shares of Devon Energy from $75.00 to $65.00 and set a buy rating on the stock in a report on Friday, March 22nd. Truist Financial cut their price target on shares of Devon Energy from $69.00 to $66.00 and set a buy rating on the stock in a report on Friday, April 5th. Finally, Royal Bank of Canada reissued a sector perform rating and issued a $55.00 price target on shares of Devon Energy in a report on Thursday, March 7th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Devon Energy has a consensus rating of Moderate Buy and an average price target of $57.83.

Devon Energy Price Performance

DVN stock opened at $53.42 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. Devon Energy has a 52 week low of $40.47 and a 52 week high of $56.19. The firm’s fifty day moving average is $46.84 and its 200 day moving average is $45.74. The firm has a market cap of $33.92 billion, a P/E ratio of 9.16 and a beta of 2.19.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter last year, the firm earned $1.66 EPS. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. Research analysts predict that Devon Energy will post 5.01 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.29%. Devon Energy’s dividend payout ratio (DPR) is currently 15.09%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of DVN. Geode Capital Management LLC raised its holdings in Devon Energy by 6.2% in the first quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock worth $715,360,000 after buying an additional 823,626 shares during the last quarter. Morgan Stanley raised its holdings in Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after buying an additional 2,220,194 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Devon Energy by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after buying an additional 68,339 shares during the last quarter. Raymond James & Associates raised its holdings in Devon Energy by 5.0% in the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock worth $402,095,000 after buying an additional 402,055 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Devon Energy by 1.4% in the first quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock worth $435,881,000 after buying an additional 99,059 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Company Profile

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.