Stifel Nicolaus Increases Devon Energy (NYSE:DVN) Price Target to $66.00

Devon Energy (NYSE:DVN) had its target price upped by Stifel Nicolaus from $65.00 to $66.00 in a research report released on Tuesday morning, Benzinga reports. The firm currently has a buy rating on the energy company’s stock.

Several other research firms have also commented on DVN. UBS Group raised their price target on shares of Devon Energy from $48.00 to $57.00 and gave the company a neutral rating in a research report on Wednesday, April 10th. Citigroup raised their price target on shares of Devon Energy from $55.00 to $62.00 and gave the company a buy rating in a research report on Thursday, April 11th. Scotiabank raised their price target on shares of Devon Energy from $53.00 to $67.00 and gave the company a sector outperform rating in a research report on Thursday, April 11th. Truist Financial raised their price target on shares of Devon Energy from $66.00 to $69.00 and gave the company a buy rating in a research report on Monday, April 22nd. Finally, Wells Fargo & Company upgraded shares of Devon Energy from an equal weight rating to an overweight rating and lifted their target price for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $58.33.

Devon Energy Stock Up 0.2 %

NYSE:DVN opened at $52.72 on Tuesday. The firm has a market capitalization of $33.48 billion, a P/E ratio of 9.04 and a beta of 2.19. Devon Energy has a 1-year low of $40.47 and a 1-year high of $55.09. The company’s fifty day moving average price is $48.88 and its 200-day moving average price is $46.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm’s revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the business earned $1.66 earnings per share. As a group, equities research analysts anticipate that Devon Energy will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 3.34%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio is currently 15.09%.

Hedge Funds Weigh In On Devon Energy

Institutional investors have recently bought and sold shares of the company. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Devon Energy during the third quarter worth about $27,000. Tradewinds Capital Management LLC purchased a new position in Devon Energy during the first quarter worth about $30,000. Manchester Capital Management LLC purchased a new position in Devon Energy during the fourth quarter worth about $28,000. Sound Income Strategies LLC raised its stake in Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares during the period. Finally, Rise Advisors LLC raised its stake in Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after purchasing an additional 669 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.