Piper Sandler Issues Pessimistic Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its target price decreased by Piper Sandler from $57.00 to $53.00 in a report released on Tuesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the energy company’s stock.

A number of other research analysts have also recently issued reports on the stock. UBS Group decreased their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. BMO Capital Markets decreased their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Barclays dropped their price objective on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Jefferies Financial Group began coverage on Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price for the company. Finally, Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $50.05.

Devon Energy Stock Performance

DVN stock opened at $32.16 on Tuesday. Devon Energy has a twelve month low of $31.85 and a twelve month high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The company has a market cap of $21.13 billion, a P/E ratio of 5.97, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99. The business’s fifty day moving average is $38.35 and its 200-day moving average is $42.32.

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

Devon Energy Announces Dividend

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Archer Investment Corp increased its position in shares of Devon Energy by 2.8% during the 2nd quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock worth $405,000 after purchasing an additional 235 shares during the last quarter. Institute for Wealth Management LLC. increased its holdings in Devon Energy by 4.0% during the second quarter. Institute for Wealth Management LLC. now owns 6,234 shares of the energy company’s stock worth $296,000 after buying an additional 237 shares during the last quarter. SkyOak Wealth LLC raised its position in Devon Energy by 4.1% during the second quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock worth $298,000 after acquiring an additional 250 shares in the last quarter. Riversedge Advisors LLC lifted its stake in Devon Energy by 3.6% in the third quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock valued at $287,000 after acquiring an additional 253 shares during the last quarter. Finally, Modus Advisors LLC grew its position in shares of Devon Energy by 2.4% in the 3rd quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock valued at $447,000 after acquiring an additional 272 shares during the period. 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.