Evercore ISI Cuts Devon Energy (NYSE:DVN) Price Target to $50.00

Devon Energy (NYSE:DVN) had its price objective reduced by Evercore ISI from $55.00 to $50.00 in a research report released on Monday morning, Benzinga reports. They currently have an in-line rating on the energy company’s stock.

Other equities research analysts have also recently issued reports about the stock. Bank of America restated a buy rating and set a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. Morgan Stanley dropped their price target on shares of Devon Energy from $55.00 to $51.00 and set an overweight rating on the stock in a research report on Monday, September 16th. Wells Fargo & Company dropped their price target on shares of Devon Energy from $57.00 to $55.00 and set an overweight rating on the stock in a research report on Wednesday, August 14th. Piper Sandler dropped their price target on shares of Devon Energy from $65.00 to $57.00 and set an overweight rating on the stock in a research report on Thursday, August 15th. Finally, Scotiabank dropped their price target on shares of Devon Energy from $67.00 to $60.00 and set a sector outperform rating on the stock in a research report on Friday, July 12th. Seven equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $55.41.

Devon Energy Price Performance

Shares of NYSE DVN opened at $40.50 on Monday. Devon Energy has a fifty-two week low of $37.76 and a fifty-two week high of $55.09. The firm’s 50-day simple moving average is $42.83 and its 200 day simple moving average is $46.90. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The stock has a market cap of $25.60 billion, a P/E ratio of 7.73, a P/E/G ratio of 1.22 and a beta of 2.02.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same period in the previous year, the business earned $1.18 earnings per share. The company’s revenue was up 13.4% on a year-over-year basis. Equities analysts expect that Devon Energy will post 5.11 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, September 13th. This represents a $0.88 annualized dividend and a yield of 2.17%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Institutional Investors Weigh In On Devon Energy

Several large investors have recently made changes to their positions in DVN. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Devon Energy by 13.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 3,497 shares of the energy company’s stock worth $137,000 after buying an additional 406 shares during the last quarter. M&R Capital Management Inc. lifted its position in Devon Energy by 2.1% in the third quarter. M&R Capital Management Inc. now owns 179,265 shares of the energy company’s stock worth $7,013,000 after purchasing an additional 3,604 shares during the period. Lazari Capital Management Inc. lifted its position in Devon Energy by 42.7% in the second quarter. Lazari Capital Management Inc. now owns 31,507 shares of the energy company’s stock worth $1,493,000 after purchasing an additional 9,423 shares during the period. Sanctuary Advisors LLC bought a new position in Devon Energy in the second quarter worth $19,139,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Devon Energy in the second quarter valued at $711,000. 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.