Devon Energy (NYSE:DVN) Price Target Cut to $47.00 by Analysts at Mizuho

Devon Energy (NYSE:DVN) had its target price decreased by Mizuho from $51.00 to $47.00 in a research note issued to investors on Monday morning,Benzinga reports. Mizuho currently has an outperform rating on the energy company’s stock.

Other equities research analysts have also issued reports about the stock. Jefferies Financial Group started coverage on shares of Devon Energy in a report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target on the stock. Scotiabank dropped their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a research report on Thursday, December 5th. Truist Financial downgraded Devon Energy from a “buy” rating to a “hold” rating and dropped their target price for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. Finally, Wells Fargo & Company reduced their price target on Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a report on Thursday, November 7th. Twelve equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $50.05.

Devon Energy Stock Performance

NYSE DVN opened at $31.10 on Monday. The firm’s 50 day simple moving average is $38.14 and its 200 day simple moving average is $42.24. The firm has a market capitalization of $20.43 billion, a price-to-earnings ratio of 5.77, a P/E/G ratio of 1.10 and a beta of 1.99. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy has a 1 year low of $31.07 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company’s revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.65 EPS. As a group, research analysts expect that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s payout ratio is 16.33%.

Institutional Trading of Devon Energy

Several hedge funds have recently modified their holdings of DVN. Archer Investment Corp grew its holdings in Devon Energy by 2.8% in the second quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock worth $405,000 after purchasing an additional 235 shares during the period. Institute for Wealth Management LLC. grew its stake in shares of Devon Energy by 4.0% in the 2nd quarter. Institute for Wealth Management LLC. now owns 6,234 shares of the energy company’s stock valued at $296,000 after buying an additional 237 shares during the period. SkyOak Wealth LLC grew its stake in shares of Devon Energy by 4.1% in the 2nd quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock valued at $298,000 after buying an additional 250 shares during the period. Riversedge Advisors LLC increased its position in Devon Energy by 3.6% in the 3rd quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock valued at $287,000 after buying an additional 253 shares in the last quarter. Finally, Modus Advisors LLC raised its stake in Devon Energy by 2.4% during the 3rd quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock worth $447,000 after buying an additional 272 shares during the period. Institutional investors own 69.72% of the company’s stock.

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.