Devon Energy (NYSE:DVN) Given New $54.00 Price Target at Piper Sandler

Devon Energy (NYSE:DVN - Free Report) had its price target lowered by Piper Sandler from $55.00 to $54.00 in a research report sent to investors on Tuesday morning, Marketbeat reports. The firm currently has an overweight rating on the energy company's stock.

Other equities research analysts have also issued reports about the company. Truist Financial upped their price target on Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a research report on Thursday, February 20th. Benchmark reissued a "buy" rating and set a $44.00 target price on shares of Devon Energy in a report on Thursday, February 20th. Susquehanna lifted their price target on shares of Devon Energy from $50.00 to $52.00 and gave the company a "positive" rating in a report on Thursday, February 20th. Cowen lowered shares of Devon Energy to a "hold" rating and dropped their price objective for the stock from $46.00 to $45.00 in a research note on Tuesday, February 18th. Finally, Williams Trading set a $50.00 target price on Devon Energy in a research note on Wednesday, March 5th. Ten research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and a consensus price target of $44.83.

Devon Energy Stock Down 0.3 %

DVN traded down $0.10 during trading on Tuesday, hitting $31.37. The company had a trading volume of 5,180,719 shares, compared to its average volume of 8,524,603. The company has a market cap of $20.36 billion, a PE ratio of 6.88, a P/E/G ratio of 1.20 and a beta of 1.50. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. Devon Energy has a 1-year low of $25.89 and a 1-year high of $53.20. The business has a 50-day moving average of $33.56 and a 200-day moving average of $35.41.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.16. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. As a group, analysts forecast that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's dividend payout ratio (DPR) is currently 21.05%.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DVN. Hurley Capital LLC bought a new position in Devon Energy during the fourth quarter valued at about $26,000. Accredited Wealth Management LLC purchased a new stake in shares of Devon Energy during the fourth quarter valued at $28,000. Rakuten Securities Inc. raised its holdings in Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after buying an additional 405 shares during the period. Cromwell Holdings LLC lifted its stake in Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock valued at $40,000 after buying an additional 598 shares in the last quarter. Finally, Sierra Ocean LLC acquired a new position in shares of Devon Energy in the fourth quarter worth about $43,000. 69.72% of the stock is owned by 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.