Devon Energy (NYSE:DVN) Price Target Cut to $50.00 by Analysts at Wells Fargo & Company

Devon Energy (NYSE:DVN) had its price target cut by Wells Fargo & Company from $55.00 to $50.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have an overweight rating on the energy company’s stock.

Other research analysts also recently issued research reports about the company. Wolfe Research initiated coverage on Devon Energy in a research note on Thursday, July 18th. They issued a peer perform rating on the stock. UBS Group cut their target price on Devon Energy from $53.00 to $47.00 and set a neutral rating on the stock in a research note on Wednesday, September 18th. StockNews.com cut Devon Energy from a buy rating to a hold rating in a research note on Monday, September 2nd. Morgan Stanley reduced their price objective on shares of Devon Energy from $55.00 to $51.00 and set an overweight rating on the stock in a research note on Monday, September 16th. Finally, Evercore ISI cut their target price on shares of Devon Energy from $55.00 to $50.00 and set an in-line rating on the stock in a report on Monday, September 30th. Eight research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Devon Energy has an average rating of Moderate Buy and a consensus price target of $53.79.

Devon Energy Price Performance

Shares of DVN stock opened at $42.41 on Tuesday. The firm has a market cap of $26.80 billion, a price-to-earnings ratio of 8.09, a PEG ratio of 1.22 and a beta of 2.02. Devon Energy has a 12 month low of $37.76 and a 12 month high of $55.09. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The stock has a 50-day moving average price of $42.74 and a 200 day moving average price of $46.87.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter in the previous year, the company earned $1.18 EPS. Devon Energy’s revenue was up 13.4% on a year-over-year basis. Research analysts expect that Devon Energy will post 5.11 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $0.22 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.07%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Eagle Asset Management Inc. increased its position in shares of Devon Energy by 252.7% during the 4th quarter. Eagle Asset Management Inc. now owns 48,336 shares of the energy company’s stock worth $2,190,000 after purchasing an additional 34,632 shares during the last quarter. Jones Financial Companies Lllp raised its position in Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares in the last quarter. NEOS Investment Management LLC lifted its stake in Devon Energy by 35.1% in the fourth quarter. NEOS Investment Management LLC now owns 9,099 shares of the energy company’s stock valued at $412,000 after acquiring an additional 2,364 shares during the last quarter. Rafferty Asset Management LLC grew its position in shares of Devon Energy by 5.7% in the 4th quarter. Rafferty Asset Management LLC now owns 327,178 shares of the energy company’s stock valued at $14,821,000 after acquiring an additional 17,617 shares during the period. Finally, Belpointe Asset Management LLC increased its stake in shares of Devon Energy by 31.6% during the 4th quarter. Belpointe Asset Management LLC now owns 34,770 shares of the energy company’s stock worth $1,575,000 after purchasing an additional 8,357 shares during the last quarter. Institutional investors and hedge funds 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.