Barclays Trims Devon Energy (NYSE:DVN) Target Price to $46.00

Devon Energy (NYSE:DVN) had its price objective cut by Barclays from $55.00 to $46.00 in a report issued on Thursday, Benzinga reports. They currently have an equal weight rating on the energy company’s stock.

Other equities research analysts have also recently issued research reports about the stock. Scotiabank dropped their price target on shares of Devon Energy from $67.00 to $60.00 and set a sector outperform rating for the company in a research report on Friday, July 12th. JPMorgan Chase & Co. dropped their target price on shares of Devon Energy from $64.00 to $51.00 and set an overweight rating for the company in a report on Thursday, September 12th. Piper Sandler reduced their price target on Devon Energy from $65.00 to $57.00 and set an overweight rating on the stock in a report on Thursday, August 15th. Susquehanna dropped their price objective on Devon Energy from $65.00 to $63.00 and set a positive rating for the company in a report on Wednesday, September 4th. Finally, UBS Group reduced their target price on Devon Energy from $53.00 to $47.00 and set a neutral rating on the stock in a research note on Wednesday, September 18th. Eight equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Devon Energy currently has a consensus rating of Moderate Buy and a consensus price target of $53.79.

Devon Energy Stock Up 1.5 %

DVN opened at $42.42 on Thursday. Devon Energy has a 12 month low of $37.76 and a 12 month high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The business’s 50-day moving average price is $42.66 and its 200-day moving average price is $46.83. The company has a market cap of $26.81 billion, a P/E ratio of 8.10, a P/E/G ratio of 1.22 and a beta of 2.02.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.18 EPS. On average, equities analysts expect that Devon Energy will post 5.11 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.07%. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of DVN. Vanguard Group Inc. boosted its position in shares of Devon Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after purchasing an additional 2,559,039 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in Devon Energy by 16.8% in the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after acquiring an additional 1,428,776 shares in the last quarter. Raymond James & Associates grew its stake in shares of Devon Energy by 1.5% in the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after acquiring an additional 138,919 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Devon Energy by 16.7% in the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after acquiring an additional 1,255,543 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in shares of Devon Energy by 15.9% during the second quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock valued at $241,456,000 after acquiring an additional 699,743 shares in the last quarter. Hedge funds and other institutional investors 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.