Raymond James Cuts Devon Energy (NYSE:DVN) Price Target to $46.00

Devon Energy (NYSE:DVN) had its price target reduced by Raymond James from $54.00 to $46.00 in a research report released on Monday,Benzinga reports. They currently have an outperform rating on the energy company’s stock.

A number of other research analysts have also recently issued reports on the stock. JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price for the company. in a report on Thursday, December 5th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a research note on Friday, January 10th. Benchmark reiterated a “buy” rating and set a $44.00 target price on shares of Devon Energy in a research report on Thursday, February 20th. Citigroup lowered Devon Energy from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. Finally, Mizuho cut their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Devon Energy Stock Up 1.1 %

DVN opened at $34.79 on Monday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. Devon Energy has a 12 month low of $30.39 and a 12 month high of $55.09. The stock has a market capitalization of $22.58 billion, a P/E ratio of 7.63, a P/E/G ratio of 1.20 and a beta of 1.91. The business has a 50 day simple moving average of $35.36 and a 200-day simple moving average of $37.47.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. On average, equities analysts anticipate that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.24 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s dividend payout ratio is presently 21.05%.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently bought and sold shares of the stock. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Devon Energy during the 3rd quarter valued at $461,857,000. EnCap Partners GP LLC purchased a new position in shares of Devon Energy in the 3rd quarter worth about $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new position in shares of Devon Energy in the 3rd quarter worth about $230,928,000. Vanguard Group Inc. increased its position in Devon Energy by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after purchasing an additional 5,465,692 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Devon Energy in the fourth quarter valued at approximately $154,170,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

About Devon Energy

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.