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

Devon Energy (NYSE:DVN) had its target price decreased by Wells Fargo & Company from $55.00 to $50.00 in a research note published on Tuesday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the energy company’s stock.

A number of other equities research analysts also recently weighed in on DVN. Wolfe Research started coverage on shares of Devon Energy in a research note on Thursday, July 18th. They set a peer perform rating on the stock. Scotiabank decreased their price target on shares of Devon Energy from $67.00 to $60.00 and set a sector outperform rating on the stock in a research note on Friday, July 12th. Susquehanna decreased their price objective on shares of Devon Energy from $65.00 to $63.00 and set a positive rating on the stock in a research note on Wednesday, September 4th. Piper Sandler cut their target price on shares of Devon Energy from $65.00 to $57.00 and set an overweight rating for the company in a research note on Thursday, August 15th. Finally, Truist Financial dropped their price objective on shares of Devon Energy from $60.00 to $49.00 and set a buy rating for the company in a research report on Monday. Seven investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Devon Energy currently has an average rating of Moderate Buy and a consensus target price of $55.41.

Devon Energy Trading Up 1.7 %

Shares of DVN stock opened at $39.77 on Tuesday. 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 business’s 50 day moving average is $42.93 and its two-hundred day moving average is $46.95. The company has a market cap of $25.13 billion, a PE ratio of 7.59, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. The company had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.18 earnings per share. Equities analysts predict that Devon Energy will post 5.11 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date was Friday, September 13th. Devon Energy’s payout ratio is presently 16.79%.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DVN. Salem Investment Counselors Inc. lifted its position in Devon Energy by 31.4% during the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after buying an additional 199 shares in the last quarter. Retirement Group LLC grew its position in shares of Devon Energy by 21.8% during the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock worth $56,000 after purchasing an additional 199 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in shares of Devon Energy by 7.4% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock worth $153,000 after purchasing an additional 209 shares in the last quarter. MCF Advisors LLC grew its position in shares of Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after purchasing an additional 215 shares in the last quarter. Finally, Annex Advisory Services LLC grew its position in shares of Devon Energy by 0.8% during the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after purchasing an additional 223 shares in the last quarter. 69.72% of the stock is 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.