Devon Energy (NYSE:DVN) Given New $48.00 Price Target at Citigroup

Devon Energy (NYSE:DVN) had its target price cut by Citigroup from $55.00 to $48.00 in a research note released on Tuesday morning,Benzinga reports. They currently have a buy rating on the energy company’s stock.

Other research analysts also recently issued reports about the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a report on Tuesday, September 3rd. Morgan Stanley cut their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. JPMorgan Chase & Co. cut their price target on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Finally, Scotiabank dropped their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $51.15.

Devon Energy Stock Down 1.5 %

Shares of NYSE:DVN opened at $37.71 on Tuesday. The company has a market capitalization of $24.77 billion, a PE ratio of 7.00, a price-to-earnings-growth ratio of 1.25 and a beta of 2.03. The company has a fifty day moving average of $39.91 and a 200-day moving average of $43.81. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. Devon Energy has a 52-week low of $37.28 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the business posted $1.65 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, equities analysts predict that Devon Energy will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.33%. Devon Energy’s dividend payout ratio is 16.33%.

Hedge Funds Weigh In On Devon Energy

Institutional investors have recently bought and sold shares of the business. Triad Wealth Partners LLC purchased a new position in Devon Energy in the 2nd quarter worth about $27,000. 1620 Investment Advisors Inc. purchased a new position in Devon Energy during the 2nd quarter valued at about $34,000. Capital Performance Advisors LLP purchased a new position in Devon Energy during the 3rd quarter valued at about $35,000. PSI Advisors LLC increased its position in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after purchasing an additional 300 shares during the period. Finally, LRI Investments LLC purchased a new position in Devon Energy during the 1st quarter valued at about $39,000. 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.