Devon Energy (NYSE:DVN) Price Target Raised to $64.00

Devon Energy (NYSE:DVN) had its price target raised by Wolfe Research from $58.00 to $64.00 in a research note released on Monday,MarketScreener reports.

Several other research firms have also recently commented on DVN. TD Cowen upgraded Devon Energy to a “hold” rating in a report on Monday, February 9th. Zacks Research raised shares of Devon Energy from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Wells Fargo & Company boosted their target price on shares of Devon Energy from $43.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, February 20th. Morgan Stanley dropped their price target on shares of Devon Energy from $48.00 to $46.00 and set an “overweight” rating for the company in a research report on Friday, January 23rd. Finally, Johnson Rice cut their price target on shares of Devon Energy from $70.00 to $62.00 and set a “buy” rating on the stock in a research note on Friday, December 5th. Twenty-three investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $48.54.

Devon Energy Price Performance

DVN stock opened at $45.35 on Monday. Devon Energy has a 52-week low of $25.89 and a 52-week high of $46.15. The stock’s fifty day simple moving average is $40.93 and its 200-day simple moving average is $37.09. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $28.12 billion, a price-to-earnings ratio of 10.88, a price-to-earnings-growth ratio of 4.42 and a beta of 0.56.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The firm had revenue of $17.19 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same period in the prior year, the firm posted $1.10 earnings per share. The business’s quarterly revenue was down 6.4% compared to the same quarter last year. Equities research analysts expect that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, March 13th. Devon Energy’s dividend payout ratio is 23.02%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. State Street Corp grew its stake in Devon Energy by 0.6% during the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock worth $1,301,914,000 after buying an additional 212,074 shares during the period. Geode Capital Management LLC raised its stake in shares of Devon Energy by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock valued at $700,238,000 after acquiring an additional 186,743 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Devon Energy by 17.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after acquiring an additional 2,071,021 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Devon Energy by 6.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company’s stock valued at $327,938,000 after acquiring an additional 552,068 shares in the last quarter. Finally, Kimmeridge Energy Management Company LLC boosted its position in Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after purchasing an additional 3,195,862 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.