Wells Fargo & Company Lowers Devon Energy (NYSE:DVN) Price Target to $57.00

Devon Energy (NYSE:DVN) had its price objective decreased by Wells Fargo & Company from $60.00 to $57.00 in a report issued on Tuesday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the energy company’s stock.

A number of other research firms also recently commented on DVN. Sanford C. Bernstein decreased their price objective on shares of Devon Energy from $48.00 to $43.00 and set a market perform rating for the company in a report on Wednesday, July 17th. StockNews.com downgraded shares of Devon Energy from a buy rating to a hold rating in a report on Thursday, July 18th. Mizuho lifted their price objective on shares of Devon Energy from $57.00 to $61.00 and gave the stock a buy rating in a report on Monday, May 13th. Stifel Nicolaus lifted their price objective on shares of Devon Energy from $65.00 to $66.00 and gave the stock a buy rating in a report on Tuesday, April 23rd. Finally, Citigroup boosted their price target on shares of Devon Energy from $55.00 to $62.00 and gave the company a buy rating in a report on Thursday, April 11th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has an average rating of Moderate Buy and an average price target of $59.13.

Devon Energy Stock Up 0.2 %

DVN stock opened at $46.35 on Tuesday. Devon Energy has a twelve month low of $40.47 and a twelve month high of $55.09. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $29.29 billion, a P/E ratio of 8.85, a PEG ratio of 0.76 and a beta of 2.07. The firm has a 50 day simple moving average of $47.19 and a 200-day simple moving average of $47.11.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.46 earnings per share. On average, equities research analysts predict that Devon Energy will post 5.39 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date was Friday, June 14th. Devon Energy’s dividend payout ratio is currently 16.79%.

Insider Activity at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently modified their holdings of DVN. Vanguard Group Inc. raised its position in Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after acquiring an additional 2,559,039 shares in the last quarter. International Assets Investment Management LLC raised its position in Devon Energy by 3,885.4% in the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after acquiring an additional 1,652,671 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Devon Energy by 26.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after acquiring an additional 1,488,374 shares in the last quarter. Raymond James & Associates raised its position in Devon Energy by 8.9% in the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after acquiring an additional 736,449 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its position in Devon Energy by 467.1% in the first quarter. Canada Pension Plan Investment Board now owns 719,672 shares of the energy company’s stock worth $36,113,000 after acquiring an additional 592,765 shares in the last quarter. 69.72% of the stock is currently owned by 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.