UBS Group Cuts Devon Energy (NYSE:DVN) Price Target to $35.00

Devon Energy (NYSE:DVN) had its price objective cut by UBS Group from $41.00 to $35.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have a neutral rating on the energy company’s stock.

Several other equities analysts have also recently issued reports on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a research note on Friday, January 10th. Citigroup decreased their price target on Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a report on Friday, April 4th. Cowen cut shares of Devon Energy to a “hold” rating and dropped their price objective for the company from $46.00 to $45.00 in a research note on Tuesday, February 18th. Truist Financial raised their target price on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research note on Thursday, February 20th. Finally, Raymond James cut their price target on shares of Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a report on Monday, March 10th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average price target of $47.63.

Devon Energy Trading Up 16.2 %

DVN opened at $31.15 on Monday. The firm has a market cap of $20.22 billion, a price-to-earnings ratio of 6.83, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. Devon Energy has a 52 week low of $25.89 and a 52 week high of $55.09. The business’s 50 day moving average is $34.62 and its two-hundred day moving average is $36.31. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. On average, research analysts predict that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.24 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, March 14th. This represents a $0.96 annualized dividend and a yield of 3.08%. Devon Energy’s payout ratio is presently 21.05%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently modified their holdings of DVN. Kwmg LLC grew its stake in Devon Energy by 5.9% in the 1st quarter. Kwmg LLC now owns 134,055 shares of the energy company’s stock worth $5,014,000 after acquiring an additional 7,436 shares during the period. RFG Advisory LLC acquired a new stake in shares of Devon Energy during the first quarter worth $2,686,000. Merit Financial Group LLC boosted its holdings in shares of Devon Energy by 209.5% during the first quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company’s stock worth $848,000 after purchasing an additional 15,351 shares during the last quarter. NBC Securities Inc. grew its position in shares of Devon Energy by 122,633.3% in the first quarter. NBC Securities Inc. now owns 3,682 shares of the energy company’s stock valued at $137,000 after purchasing an additional 3,679 shares during the period. Finally, Woodstock Corp increased its stake in shares of Devon Energy by 16.7% during the 1st quarter. Woodstock Corp now owns 14,000 shares of the energy company’s stock valued at $524,000 after acquiring an additional 2,000 shares during 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.