Devon Energy (NYSE:DVN) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Devon Energy (NYSE:DVN - Free Report) had its target price boosted by Morgan Stanley from $42.00 to $44.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an overweight rating on the energy company's stock.

A number of other equities research analysts also recently weighed in on DVN. UBS Group cut their target price on Devon Energy from $41.00 to $35.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Citigroup cut their price objective on Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a report on Friday, April 4th. Truist Financial lifted their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the stock a "hold" rating in a research note on Thursday, February 20th. Royal Bank of Canada reduced their target price on shares of Devon Energy from $49.00 to $40.00 and set a "sector perform" rating for the company in a report on Monday, April 14th. Finally, Barclays increased their price objective on Devon Energy from $38.00 to $40.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 7th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $43.71.

Devon Energy Stock Performance

Shares of NYSE DVN traded down $0.15 during midday trading on Friday, hitting $31.20. 2,874,745 shares of the company's stock were exchanged, compared to its average volume of 8,631,498. Devon Energy has a twelve month low of $25.89 and a twelve month high of $49.35. The firm has a market cap of $20.04 billion, a P/E ratio of 6.84, a PEG ratio of 1.20 and a beta of 1.00. The stock's 50 day moving average price is $32.01 and its 200-day moving average price is $34.18. 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 (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). The business had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company's revenue was up 23.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.16 EPS. Equities research analysts anticipate that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.08%. The ex-dividend date is Friday, June 13th. Devon Energy's dividend payout ratio is 21.87%.

Institutional Investors Weigh In On Devon Energy

Several institutional investors and hedge funds have recently modified their holdings of the business. Ellsworth Advisors LLC bought a new stake in shares of Devon Energy during the 1st quarter worth about $4,984,000. Jacobi Capital Management LLC raised its position in shares of Devon Energy by 111.5% in the first quarter. Jacobi Capital Management LLC now owns 17,174 shares of the energy company's stock valued at $642,000 after purchasing an additional 9,053 shares during the period. Geneos Wealth Management Inc. lifted its stake in shares of Devon Energy by 4.9% in the first quarter. Geneos Wealth Management Inc. now owns 9,931 shares of the energy company's stock worth $371,000 after buying an additional 465 shares during the last quarter. Belpointe Asset Management LLC boosted its holdings in shares of Devon Energy by 206.3% during the 1st quarter. Belpointe Asset Management LLC now owns 51,025 shares of the energy company's stock worth $1,908,000 after buying an additional 34,369 shares during the period. Finally, Focus Partners Wealth raised its holdings in Devon Energy by 7.9% in the 1st quarter. Focus Partners Wealth now owns 162,446 shares of the energy company's stock worth $6,076,000 after acquiring an additional 11,850 shares during the period. Institutional investors and hedge funds 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.