Truist Financial Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN - Free Report) had its target price raised by Truist Financial from $42.00 to $44.00 in a report released on Thursday morning,Benzinga reports. They currently have a hold rating on the energy company's stock.

Other research analysts also recently issued research reports about the stock. Mizuho dropped their target price on shares of Devon Energy from $51.00 to $47.00 and set an "outperform" rating for the company in a report on Monday, December 16th. Cowen downgraded shares of Devon Energy to a "hold" rating and decreased their target price for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. Wolfe Research upgraded shares of Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 price target for the company in a research report on Friday, January 3rd. TD Cowen dropped their price target on shares of Devon Energy from $54.00 to $46.00 and set a "hold" rating for the company in a research note on Tuesday, November 5th. Finally, Benchmark restated a "buy" rating and issued a $44.00 price objective on shares of Devon Energy in a report on Thursday. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $48.83.

Devon Energy Trading Down 2.8 %

Shares of Devon Energy stock traded down $1.07 on Thursday, hitting $37.49. 11,529,242 shares of the company's stock traded hands, compared to its average volume of 8,567,562. The company has a fifty day moving average of $34.47 and a two-hundred day moving average of $38.35. Devon Energy has a one year low of $30.39 and a one year high of $55.09. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The company has a market capitalization of $24.33 billion, a price-to-earnings ratio of 8.22, a price-to-earnings-growth ratio of 1.20 and a beta of 1.98.

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

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Devon Energy's previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.56%. Devon Energy's dividend payout ratio (DPR) is 19.30%.

Institutional Trading of Devon Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Devon Energy in the third quarter valued at about $461,857,000. EnCap Partners GP LLC purchased a new position in shares of Devon Energy in the 3rd quarter valued at $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new stake in Devon Energy during the 3rd quarter worth $230,928,000. Vanguard Group Inc. grew its holdings in Devon Energy by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company's stock worth $2,640,727,000 after acquiring an additional 5,465,692 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Devon Energy in the 4th quarter valued at about $154,170,000. Hedge funds and other 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.