Mizuho Raises Devon Energy (NYSE:DVN) Price Target to $57.00

Devon Energy (NYSE:DVN - Free Report) had its price objective hoisted by Mizuho from $53.00 to $57.00 in a report released on Thursday, Benzinga reports. The firm currently has a buy rating on the energy company's stock.

A number of other analysts have also recently commented on the stock. Royal Bank of Canada reaffirmed a sector perform rating and set a $55.00 price target on shares of Devon Energy in a research report on Thursday, March 7th. Truist Financial increased their price objective on shares of Devon Energy from $66.00 to $69.00 and gave the stock a buy rating in a research report on Monday, April 22nd. Stifel Nicolaus upped their target price on shares of Devon Energy from $65.00 to $66.00 and gave the stock a buy rating in a report on Tuesday, April 23rd. Susquehanna upped their target price on shares of Devon Energy from $52.00 to $65.00 and gave the stock a positive rating in a report on Monday, April 22nd. Finally, Barclays initiated coverage on shares of Devon Energy in a report on Wednesday, April 10th. They issued an equal weight rating and a $59.00 target price on the stock. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of Moderate Buy and a consensus target price of $58.56.

Devon Energy Trading Down 0.1 %

NYSE DVN traded down $0.06 on Thursday, reaching $50.34. The company had a trading volume of 13,266,694 shares, compared to its average volume of 7,888,626. The firm has a market cap of $31.97 billion, a price-to-earnings ratio of 8.74 and a beta of 2.16. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The business has a 50 day moving average of $49.36 and a two-hundred day moving average of $46.27. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.10 by $0.06. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. Devon Energy's quarterly revenue was down 5.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.46 earnings per share. Analysts forecast that Devon Energy will post 5.28 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.75%. Devon Energy's payout ratio is currently 15.09%.

Institutional Investors Weigh In On Devon Energy

Several large investors have recently modified their holdings of DVN. SVB Wealth LLC boosted its holdings in Devon Energy by 5.6% in the 3rd quarter. SVB Wealth LLC now owns 8,105 shares of the energy company's stock worth $387,000 after buying an additional 430 shares during the period. Stratos Wealth Partners LTD. boosted its holdings in Devon Energy by 2.2% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 27,834 shares of the energy company's stock valued at $1,328,000 after purchasing an additional 594 shares during the period. Stratos Wealth Advisors LLC bought a new position in Devon Energy in the 3rd quarter valued at $477,000. Independent Advisor Alliance boosted its holdings in Devon Energy by 51.9% in the 3rd quarter. Independent Advisor Alliance now owns 29,766 shares of the energy company's stock valued at $1,420,000 after purchasing an additional 10,171 shares during the period. Finally, Brown Advisory Inc. boosted its holdings in Devon Energy by 77.2% in the 3rd quarter. Brown Advisory Inc. now owns 8,316 shares of the energy company's stock valued at $397,000 after purchasing an additional 3,622 shares during the period. 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.