Morgan Stanley Boosts Devon Energy (NYSE:DVN) Price Target to $50.00

Devon Energy (NYSE:DVN) had its price objective increased by Morgan Stanley from $49.00 to $50.00 in a report issued on Monday, Benzinga reports. They currently have an overweight rating on the energy company’s stock.

Other analysts also recently issued research reports about the company. Mizuho decreased their price target on Devon Energy from $54.00 to $53.00 and set a buy rating for the company in a research note on Thursday, January 11th. Barclays began coverage on Devon Energy in a research report on Wednesday, April 10th. They set an equal weight rating and a $59.00 target price for the company. UBS Group boosted their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the stock a neutral rating in a research note on Wednesday, April 10th. Wells Fargo & Company upgraded shares of Devon Energy from an equal weight rating to an overweight rating and raised their target price for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Finally, Stifel Nicolaus cut their target price on shares of Devon Energy from $75.00 to $65.00 and set a buy rating for the company in a research report on Friday, March 22nd. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Devon Energy has a consensus rating of Moderate Buy and an average target price of $57.89.

Devon Energy Price Performance

NYSE DVN opened at $51.67 on Monday. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $32.81 billion, a PE ratio of 8.86 and a beta of 2.19. Devon Energy has a 12-month low of $40.47 and a 12-month high of $55.46. The company has a 50 day moving average price of $47.51 and a two-hundred day moving average price of $45.82.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. The business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. Devon Energy’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.66 EPS. As a group, equities analysts predict that Devon Energy will post 5.02 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.41%. The ex-dividend date was Thursday, March 14th. Devon Energy’s payout ratio is presently 15.09%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Lord Abbett & CO. LLC raised its stake in shares of Devon Energy by 15.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock valued at $26,221,000 after buying an additional 73,570 shares in the last quarter. Nordea Investment Management AB raised its position in Devon Energy by 2.7% in the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock worth $17,974,000 after purchasing an additional 9,823 shares in the last quarter. Atria Investments Inc lifted its stake in Devon Energy by 64.4% during the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock worth $2,606,000 after purchasing an additional 21,400 shares during the period. Pearl River Capital LLC boosted its holdings in Devon Energy by 367.7% during the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after purchasing an additional 58,997 shares in the last quarter. Finally, National Bank of Canada FI grew its stake in shares of Devon Energy by 548.8% in the 3rd quarter. National Bank of Canada FI now owns 840,334 shares of the energy company’s stock valued at $38,356,000 after purchasing an additional 710,811 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

About Devon Energy

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.