Devon Energy (NYSE:DVN) Given New $40.00 Price Target at Scotiabank

Devon Energy (NYSE:DVN - Free Report) had its target price upped by Scotiabank from $35.00 to $40.00 in a research report report published on Friday,Benzinga reports. They currently have a sector outperform rating on the energy company's stock.

DVN has been the subject of several other reports. Wells Fargo & Company decreased their price target on Devon Energy from $46.00 to $41.00 and set an "overweight" rating for the company in a report on Monday, June 16th. UBS Group decreased their price target on Devon Energy from $41.00 to $35.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Barclays boosted their price target on Devon Energy from $38.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. lowered their price objective on shares of Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Finally, Piper Sandler cut their price objective on Devon Energy from $56.00 to $53.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Devon Energy has an average rating of "Moderate Buy" and a consensus price target of $43.79.

Devon Energy Stock Performance

Shares of DVN stock traded down $0.75 during mid-day trading on Friday, hitting $33.22. 6,959,235 shares of the stock were exchanged, compared to its average volume of 8,882,747. The stock's fifty day simple moving average is $32.69 and its two-hundred day simple moving average is $33.54. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08. Devon Energy has a 12-month low of $25.89 and a 12-month high of $49.35. The stock has a market capitalization of $21.33 billion, a price-to-earnings ratio of 7.57, a P/E/G ratio of 2.53 and a beta of 1.02.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share 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 21.90% and a net margin of 16.60%. The firm's revenue for the quarter was up 23.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.16 EPS. On average, analysts forecast 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 was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date was Friday, June 13th. Devon Energy's dividend payout ratio is presently 21.87%.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently modified their holdings of the stock. Opal Wealth Advisors LLC acquired a new stake in Devon Energy during the 2nd quarter valued at $25,000. Hurley Capital LLC purchased a new position in Devon Energy in the 4th quarter valued at about $26,000. Financial Gravity Asset Management Inc. acquired a new stake in shares of Devon Energy during the first quarter valued at about $26,000. Banque Cantonale Vaudoise purchased a new stake in shares of Devon Energy during the first quarter worth about $26,000. Finally, Accredited Wealth Management LLC acquired a new position in shares of Devon Energy in the fourth quarter worth about $28,000. 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.