Devon Energy (NYSE:DVN) Price Target Raised to $60.00 at Piper Sandler

Devon Energy (NYSE:DVN) had its price target hoisted by Piper Sandler from $59.00 to $60.00 in a research report report published on Friday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the energy company’s stock.

DVN has been the topic of several other reports. Barclays began coverage on Devon Energy in a report on Wednesday, April 10th. They set an equal weight rating and a $59.00 target price on the stock. Stifel Nicolaus dropped their price objective on Devon Energy from $75.00 to $65.00 and set a buy rating on the stock in a research note on Friday, March 22nd. Wells Fargo & Company upgraded Devon Energy from an equal weight rating to an overweight rating and lifted their price objective for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Morgan Stanley lifted their price objective on Devon Energy from $49.00 to $50.00 and gave the stock an overweight rating in a research note on Monday, April 15th. Finally, Scotiabank lifted their price objective on Devon Energy from $53.00 to $67.00 and gave the stock a sector outperform rating in a research note on Thursday, April 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of Moderate Buy and a consensus target price of $58.28.

Devon Energy Price Performance

NYSE DVN opened at $52.13 on Friday. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The stock’s 50-day moving average is $48.09 and its two-hundred day moving average is $45.98. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The firm has a market cap of $33.10 billion, a P/E ratio of 8.94 and a beta of 2.19.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period last year, the company earned $1.66 earnings per share. The business’s revenue was down 3.6% compared to the same quarter last year. On average, analysts anticipate that Devon Energy will post 5.14 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s payout ratio is 15.09%.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently added to or reduced their stakes in the stock. Raymond James Financial Services Advisors Inc. boosted its holdings in Devon Energy by 3.6% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 4,529,487 shares of the energy company’s stock valued at $227,290,000 after purchasing an additional 156,230 shares in the last quarter. Sapient Capital LLC boosted its holdings in Devon Energy by 5.1% during the first quarter. Sapient Capital LLC now owns 20,185 shares of the energy company’s stock valued at $1,013,000 after purchasing an additional 985 shares in the last quarter. Strategic Financial Concepts LLC boosted its holdings in Devon Energy by 7.4% during the first quarter. Strategic Financial Concepts LLC now owns 5,168 shares of the energy company’s stock valued at $259,000 after purchasing an additional 358 shares in the last quarter. Confluence Wealth Services Inc. boosted its holdings in shares of Devon Energy by 15.2% in the 1st quarter. Confluence Wealth Services Inc. now owns 48,465 shares of the energy company’s stock worth $2,432,000 after acquiring an additional 6,395 shares in the last quarter. Finally, Invera Wealth Advisors LLC boosted its holdings in shares of Devon Energy by 103.8% in the 1st quarter. Invera Wealth Advisors LLC now owns 10,603 shares of the energy company’s stock worth $545,000 after acquiring an additional 5,400 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

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.