Truist Financial Cuts Devon Energy (NYSE:DVN) Price Target to $49.00

Devon Energy (NYSE:DVN) had its price target decreased by Truist Financial from $60.00 to $49.00 in a report published on Monday morning, Benzinga reports. Truist Financial currently has a buy rating on the energy company’s stock.

Several other equities analysts have also recently issued reports on the company. StockNews.com cut Devon Energy from a buy rating to a hold rating in a research report on Monday, September 2nd. Bank of America reaffirmed a buy rating and set a $64.00 target price on shares of Devon Energy in a report on Friday, June 14th. Scotiabank cut their price target on shares of Devon Energy from $67.00 to $60.00 and set a sector outperform rating for the company in a report on Friday, July 12th. Royal Bank of Canada reaffirmed a sector perform rating and issued a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, September 3rd. Finally, Wolfe Research started coverage on Devon Energy in a research report on Thursday, July 18th. They set a peer perform rating on the stock. Eight analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $54.11.

Devon Energy Stock Performance

Shares of DVN opened at $41.80 on Monday. The firm has a market capitalization of $26.42 billion, a PE ratio of 7.98, a P/E/G ratio of 1.22 and a beta of 2.02. 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 firm has a 50-day moving average price of $42.83 and a 200 day moving average price of $46.90. Devon Energy has a 52-week low of $37.76 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $3.90 billion. During the same period last year, the firm posted $1.18 earnings per share. The business’s revenue was up 13.4% on a year-over-year basis. On average, sell-side analysts anticipate that Devon Energy will post 5.11 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.11%. Devon Energy’s payout ratio is 16.79%.

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DVN. Rockland Trust Co. increased its stake in shares of Devon Energy by 17.9% during the 3rd quarter. Rockland Trust Co. now owns 5,530 shares of the energy company’s stock worth $216,000 after purchasing an additional 840 shares during the last quarter. Czech National Bank lifted its stake in shares of Devon Energy by 5.9% in the 3rd quarter. Czech National Bank now owns 127,563 shares of the energy company’s stock valued at $4,990,000 after purchasing an additional 7,129 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in Devon Energy by 13.1% in the third quarter. Massmutual Trust Co. FSB ADV now owns 3,497 shares of the energy company’s stock worth $137,000 after purchasing an additional 406 shares in the last quarter. M&R Capital Management Inc. increased its position in Devon Energy by 2.1% during the third quarter. M&R Capital Management Inc. now owns 179,265 shares of the energy company’s stock worth $7,013,000 after buying an additional 3,604 shares during the last quarter. Finally, Lazari Capital Management Inc. raised its holdings in Devon Energy by 42.7% during the second quarter. Lazari Capital Management Inc. now owns 31,507 shares of the energy company’s stock valued at $1,493,000 after buying an additional 9,423 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

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.