Stifel Nicolaus Increases Devon Energy (NYSE:DVN) Price Target to $66.00

Devon Energy (NYSE:DVN - Free Report) had its price target boosted by Stifel Nicolaus from $65.00 to $66.00 in a research report sent to investors on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the energy company's stock.

Other equities research analysts also recently issued research reports about the company. Truist Financial increased their price target on Devon Energy from $66.00 to $69.00 and gave the stock a buy rating in a research report on Monday. Raymond James cut their target price on Devon Energy from $53.00 to $52.00 and set an outperform rating for the company in a research note on Wednesday, January 24th. Citigroup upped their target price on Devon Energy from $55.00 to $62.00 and gave the stock a buy rating in a research note on Thursday, April 11th. Piper Sandler upped their target price on Devon Energy from $59.00 to $60.00 and gave the stock an overweight rating in a research note on Friday. Finally, Wells Fargo & Company upgraded Devon Energy from an equal weight rating to an overweight rating and upped their target price for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $58.33.

Devon Energy Stock Performance

Shares of Devon Energy stock traded up $0.44 on Tuesday, hitting $52.57. The stock had a trading volume of 4,165,537 shares, compared to its average volume of 7,934,932. Devon Energy has a twelve month low of $40.47 and a twelve month high of $55.09. The business's 50 day moving average is $48.30 and its two-hundred day moving average is $46.05. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The stock has a market cap of $33.38 billion, a price-to-earnings ratio of 9.02 and a beta of 2.19.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm's quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.66 earnings per share. Analysts forecast that Devon Energy will post 5.14 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.35%. Devon Energy's dividend payout ratio is presently 15.09%.

Hedge Funds Weigh In On Devon Energy

Hedge funds have recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Devon Energy during the 3rd quarter worth approximately $27,000. Manchester Capital Management LLC bought a new position in shares of Devon Energy during the 4th quarter worth approximately $28,000. Tradewinds Capital Management LLC bought a new position in shares of Devon Energy during the 1st quarter worth approximately $30,000. Sound Income Strategies LLC lifted its position in shares of Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company's stock worth $31,000 after buying an additional 255 shares in the last quarter. Finally, Rise Advisors LLC lifted its position in shares of Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company's stock worth $33,000 after buying an additional 669 shares in the last quarter. Institutional investors 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.