Devon Energy (NYSE:DVN) Given New $43.00 Price Target at Wells Fargo & Company

Devon Energy (NYSE:DVN) had its target price cut by Wells Fargo & Company from $49.00 to $43.00 in a research report released on Tuesday,Benzinga reports. They currently have an overweight rating on the energy company’s stock.

A number of other equities research analysts also recently weighed in on DVN. Morgan Stanley dropped their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Barclays dropped their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Mizuho reduced their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday. Truist Financial downgraded Devon Energy from a “buy” rating to a “hold” rating and dropped their price objective for the company from $49.00 to $43.00 in a report on Thursday, November 7th. Finally, TD Cowen reduced their target price on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $50.05.

Devon Energy Stock Down 1.3 %

NYSE DVN opened at $32.16 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. Devon Energy has a 52 week low of $31.85 and a 52 week high of $55.09. The stock has a market capitalization of $21.13 billion, a P/E ratio of 5.97, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99. The stock has a fifty day moving average of $38.35 and a 200-day moving average of $42.32.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the company earned $1.65 earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. On average, equities research analysts forecast that Devon Energy will post 4.79 EPS for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

Hedge Funds Weigh In On Devon Energy

Large investors have recently bought and sold shares of the company. Geode Capital Management LLC lifted its position in shares of Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after purchasing an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. acquired a new stake in Devon Energy in the 3rd quarter valued at $461,857,000. Pacer Advisors Inc. lifted its position in Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after buying an additional 1,677,652 shares in the last quarter. EnCap Partners GP LLC acquired a new position in shares of Devon Energy during the 3rd quarter worth about $408,653,000. Finally, Victory Capital Management Inc. grew its holdings in shares of Devon Energy by 3.8% in the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after acquiring an additional 361,968 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.