Devon Energy (NYSE:DVN) Price Target Raised to $51.00

Devon Energy (NYSE:DVN) had its price target lifted by Argus from $41.00 to $51.00 in a research note published on Thursday morning,MarketScreener reports. The brokerage currently has a buy rating on the energy company’s stock.

Several other research firms have also recently weighed in on DVN. Wells Fargo & Company lifted their price target on Devon Energy from $43.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, February 20th. Scotiabank dropped their target price on Devon Energy from $45.00 to $41.00 and set a “sector perform” rating for the company in a report on Monday, February 23rd. The Goldman Sachs Group boosted their target price on shares of Devon Energy from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, November 13th. Susquehanna raised their price target on shares of Devon Energy from $47.00 to $52.00 and gave the stock a “positive” rating in a research report on Friday, February 20th. Finally, Zacks Research downgraded shares of Devon Energy from a “hold” rating to a “strong sell” rating in a report on Monday, January 26th. Twenty-three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.37.

Devon Energy Stock Performance

Shares of DVN stock opened at $43.59 on Thursday. Devon Energy has a 52 week low of $25.89 and a 52 week high of $46.15. The company has a market capitalization of $27.02 billion, a price-to-earnings ratio of 10.45, a PEG ratio of 4.13 and a beta of 0.61. The company has a 50-day simple moving average of $39.63 and a 200 day simple moving average of $36.50. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The firm had revenue of $17.19 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same period last year, the business posted $1.10 earnings per share. The business’s revenue for the quarter was down 6.4% compared to the same quarter last year. On average, sell-side analysts predict that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, March 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. Devon Energy’s dividend payout ratio (DPR) is currently 23.02%.

Institutional Investors Weigh In On Devon Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in DVN. PFS Partners LLC acquired a new position in Devon Energy in the 3rd quarter worth about $25,000. First Horizon Corp acquired a new stake in shares of Devon Energy during the third quarter valued at about $26,000. Caldwell Trust Co bought a new stake in shares of Devon Energy during the second quarter worth about $25,000. MV Capital Management Inc. acquired a new position in shares of Devon Energy in the fourth quarter valued at approximately $29,000. Finally, Garton & Associates Financial Advisors LLC bought a new position in Devon Energy in the 4th quarter valued at approximately $29,000. 69.72% of the stock is currently owned by institutional investors.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.