Wells Fargo & Company Cuts Devon Energy (NYSE:DVN) Price Target to $43.00

Devon Energy (NYSE:DVN - Free Report) had its price target cut by Wells Fargo & Company from $49.00 to $43.00 in a research report released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the energy company's stock.

Several other equities research analysts have also recently issued reports on DVN. Raymond James cut their price target on Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Benchmark reiterated a "hold" rating on shares of Devon Energy in a research note on Tuesday, October 15th. Jefferies Financial Group assumed coverage on Devon Energy in a research note on Thursday, October 3rd. They issued a "hold" rating and a $45.00 price target for the company. Truist Financial cut Devon Energy from a "buy" rating to a "hold" rating and cut their price target for the company from $49.00 to $43.00 in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. cut Devon Energy from an "overweight" rating to a "neutral" rating and set a $43.00 price target for the company. in a research note on Thursday, December 5th. Twelve analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $50.05.

Devon Energy Stock Performance

Shares of NYSE:DVN traded down $0.43 during trading on Tuesday, reaching $32.16. 14,445,646 shares of the stock were exchanged, compared to its average volume of 7,617,477. Devon Energy has a 12 month low of $31.85 and a 12 month high of $55.09. The firm has a market cap of $21.13 billion, a PE ratio of 5.97, a PEG ratio of 1.10 and a beta of 1.99. The stock has a 50-day moving average price of $38.35 and a 200-day moving average price of $42.32. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to analysts' expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business's revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.65 earnings per share. Research analysts expect that Devon Energy will post 4.79 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.74%. Devon Energy's dividend payout ratio (DPR) is presently 16.33%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its holdings in Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company's stock valued at $619,747,000 after purchasing an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. acquired a new stake in Devon Energy in the third quarter valued at $461,857,000. Pacer Advisors Inc. increased its holdings in Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company's stock valued at $453,446,000 after purchasing an additional 1,677,652 shares during the period. EnCap Partners GP LLC acquired a new stake in Devon Energy in the third quarter valued at $408,653,000. Finally, Victory Capital Management Inc. increased its holdings in Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company's stock valued at $390,079,000 after purchasing an additional 361,968 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.