Truist Financial Cuts Devon Energy (NYSE:DVN) Price Target to $67.00

Devon Energy (NYSE:DVN) had its price objective trimmed by Truist Financial from $69.00 to $67.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a buy rating on the energy company’s stock.

Several other research analysts have also recently commented on DVN. JPMorgan Chase & Co. increased their target price on shares of Devon Energy from $57.00 to $62.00 and gave the stock an overweight rating in a report on Monday, April 8th. Mizuho increased their price objective on Devon Energy from $53.00 to $57.00 and gave the stock a buy rating in a research report on Thursday. Susquehanna boosted their price objective on shares of Devon Energy from $52.00 to $65.00 and gave the company a positive rating in a report on Monday, April 22nd. Raymond James cut their price target on Devon Energy from $53.00 to $52.00 and set an outperform rating for the company in a research note on Wednesday, January 24th. Finally, Citigroup raised their price objective on Devon Energy from $55.00 to $62.00 and gave the stock a buy rating in a research note on Thursday, April 11th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of Moderate Buy and an average price target of $58.44.

Devon Energy Stock Up 0.4 %

Shares of DVN opened at $50.54 on Friday. The business’s fifty day moving average price is $49.62 and its two-hundred day moving average price is $46.25. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The firm has a market capitalization of $31.94 billion, a price-to-earnings ratio of 9.65 and a beta of 2.16. Devon Energy has a 52 week low of $40.47 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.46 earnings per share. On average, analysts predict that Devon Energy will post 5.24 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a $0.22 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. Devon Energy’s payout ratio is currently 16.79%.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of DVN. Salem Investment Counselors Inc. lifted its position in shares of Devon Energy by 31.4% during the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after acquiring an additional 199 shares during the period. Retirement Group LLC raised its holdings in shares of Devon Energy by 21.8% during the first quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after purchasing an additional 199 shares during the period. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Devon Energy by 7.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after buying an additional 209 shares during the period. MCF Advisors LLC increased its position in Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after buying an additional 215 shares in the last quarter. Finally, Cornerstone Wealth Management LLC boosted its holdings in Devon Energy by 1.9% in the third quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after acquiring an additional 218 shares in the last quarter. 69.72% of the stock is currently owned by 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.