Piper Sandler Reaffirms Overweight Rating for Devon Energy (NYSE:DVN)

Piper Sandler reissued their overweight rating on shares of Devon Energy (NYSE:DVN - Free Report) in a report released on Thursday morning, MarketBeat reports. The brokerage currently has a $58.00 price objective on the energy company's stock, up from their previous price objective of $53.00.

Other equities analysts have also issued reports about the stock. Tudor, Pickering, Holt & Co. lifted their price objective on shares of Devon Energy from $42.00 to $44.00 in a report on Thursday, July 3rd. Mizuho cut their price objective on shares of Devon Energy from $46.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Morgan Stanley reissued an "overweight" rating and set a $46.00 price objective (up from $44.00) on shares of Devon Energy in a report on Tuesday. Susquehanna cut their price objective on shares of Devon Energy from $52.00 to $41.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Finally, The Goldman Sachs Group lifted their price objective on shares of Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Eleven equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $43.67.

Devon Energy Trading Up 0.2%

Shares of NYSE:DVN traded up $0.06 during trading on Thursday, reaching $32.84. The company's stock had a trading volume of 7,129,453 shares, compared to its average volume of 8,887,272. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. Devon Energy has a 12 month low of $25.89 and a 12 month high of $49.08. The firm's 50 day simple moving average is $32.82 and its two-hundred day simple moving average is $33.54. The stock has a market capitalization of $21.09 billion, a PE ratio of 7.48, a price-to-earnings-growth ratio of 2.37 and a beta of 1.02.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The business had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.31 billion. During the same period in the previous year, the business posted $1.16 EPS. The firm's revenue was up 23.8% on a year-over-year basis. On average, research analysts predict that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date of this dividend was Friday, June 13th. Devon Energy's dividend payout ratio (DPR) is presently 21.87%.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently modified their holdings of the business. Resona Asset Management Co. Ltd. acquired a new stake in shares of Devon Energy during the 4th quarter valued at about $5,967,000. Cantor Fitzgerald Investment Advisors L.P. lifted its stake in Devon Energy by 10.8% in the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock valued at $10,210,000 after buying an additional 26,519 shares in the last quarter. Merit Financial Group LLC lifted its stake in Devon Energy by 209.5% in the 1st quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock valued at $848,000 after buying an additional 15,351 shares in the last quarter. Aviva PLC lifted its stake in Devon Energy by 767.3% in the 4th quarter. Aviva PLC now owns 376,999 shares of the energy company's stock valued at $12,339,000 after buying an additional 333,530 shares in the last quarter. Finally, Autumn Glory Partners LLC lifted its stake in Devon Energy by 93.6% in the 1st quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock valued at $1,547,000 after buying an additional 20,000 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.