Devon Energy (NYSE:DVN) Price Target Raised to $52.00

Devon Energy (NYSE:DVN) had its price target boosted by Susquehanna from $50.00 to $52.00 in a research note published on Thursday,Benzinga reports. The firm currently has a positive rating on the energy company’s stock.

DVN has been the subject of a number of other research reports. Benchmark reaffirmed a “buy” rating and set a $44.00 target price on shares of Devon Energy in a report on Thursday. Truist Financial upped their target price on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Wednesday, January 15th. TD Cowen dropped their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Finally, Raymond James upped their price objective on shares of Devon Energy from $53.00 to $54.00 and gave the company an “outperform” rating in a report on Thursday, January 23rd. Ten 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, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $48.83.

Devon Energy Price Performance

Devon Energy stock opened at $37.49 on Thursday. Devon Energy has a 52-week low of $30.39 and a 52-week high of $55.09. The firm has a market capitalization of $24.33 billion, a price-to-earnings ratio of 8.22, a PEG ratio of 1.20 and a beta of 1.98. The company has a fifty day simple moving average of $34.47 and a 200-day simple moving average of $38.35. 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 released its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $4.25 billion. On average, equities analysts anticipate that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.56%. The ex-dividend date is Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is currently 19.30%.

Institutional Trading of Devon Energy

Several hedge funds have recently made changes to their positions in DVN. Creative Planning lifted its position in shares of Devon Energy by 33.6% during the third quarter. Creative Planning now owns 132,206 shares of the energy company’s stock worth $5,172,000 after purchasing an additional 33,249 shares in the last quarter. Sequoia Financial Advisors LLC lifted its position in shares of Devon Energy by 4.6% during the third quarter. Sequoia Financial Advisors LLC now owns 35,711 shares of the energy company’s stock worth $1,397,000 after purchasing an additional 1,564 shares in the last quarter. Leo Wealth LLC acquired a new stake in shares of Devon Energy during the third quarter worth about $202,000. Private Advisor Group LLC raised its holdings in Devon Energy by 15.1% in the third quarter. Private Advisor Group LLC now owns 96,216 shares of the energy company’s stock valued at $3,764,000 after acquiring an additional 12,607 shares in the last quarter. Finally, Courier Capital LLC raised its holdings in Devon Energy by 6.6% in the third quarter. Courier Capital LLC now owns 17,305 shares of the energy company’s stock valued at $677,000 after acquiring an additional 1,079 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.