Devon Energy (NYSE:DVN) PT Lowered to $67.00 at Truist Financial

Devon Energy (NYSE:DVN - Free Report) had its price target cut by Truist Financial from $69.00 to $67.00 in a research report report published on Friday, Benzinga reports. They currently have a buy rating on the energy company's stock.

Other equities analysts also recently issued research reports about the company. Piper Sandler upped their target price on Devon Energy from $59.00 to $60.00 and gave the company an overweight rating in a report on Friday, April 19th. Mizuho upped their target price on Devon Energy from $53.00 to $57.00 and gave the company a buy rating in a report on Thursday. Wells Fargo & Company upgraded Devon Energy from an equal weight rating to an overweight rating and upped their target price for the company from $46.00 to $59.00 in a report on Monday, April 1st. Barclays assumed coverage on Devon Energy in a report on Wednesday, April 10th. They set an equal weight rating and a $59.00 target price for the company. Finally, Citigroup upped their target price on Devon Energy from $55.00 to $62.00 and gave the company a buy rating in a report on Thursday, April 11th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $58.44.

Devon Energy Trading Up 0.4 %

DVN stock traded up $0.19 during midday trading on Friday, hitting $50.54. The company had a trading volume of 8,953,157 shares, compared to its average volume of 7,901,040. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. Devon Energy has a 52 week low of $40.47 and a 52 week high of $55.09. The stock's 50 day moving average price is $49.48 and its 200 day moving average price is $46.30. The stock has a market cap of $32.09 billion, a price-to-earnings ratio of 9.69 and a beta of 2.16.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.41% and a net margin of 22.27%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the previous year, the company posted $1.46 earnings per share. The business's revenue was down 5.9% on a year-over-year basis. As a group, equities research analysts expect that Devon Energy will post 5.28 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders 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 yield of 1.74%. Devon Energy's payout ratio is presently 16.79%.

Institutional Trading of Devon Energy

Hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. raised its holdings in Devon Energy by 1,279.7% in the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company's stock worth $278,396,000 after purchasing an additional 5,700,167 shares during the period. J.P. Morgan Private Wealth Advisors LLC acquired a new position in Devon Energy in the 3rd quarter worth about $113,793,000. Morgan Stanley raised its holdings in Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company's stock worth $555,567,000 after purchasing an additional 2,220,194 shares during the period. International Assets Investment Management LLC raised its holdings in Devon Energy by 3,885.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company's stock worth $76,793,000 after purchasing an additional 1,652,671 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Devon Energy by 26.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company's stock worth $320,609,000 after purchasing an additional 1,488,374 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.