Citigroup Cuts Devon Energy (NYSE:DVN) Price Target to $46.00

Devon Energy (NYSE:DVN) had its price target reduced by Citigroup from $48.00 to $46.00 in a report issued on Monday morning,Benzinga reports. Citigroup currently has a buy rating on the energy company’s stock.

A number of other equities research analysts also recently weighed in on DVN. Susquehanna lifted their price target on shares of Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a research note on Thursday, February 20th. Truist Financial upped their price target on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. reduced their price target on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Barclays boosted their price objective on Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a report on Friday, January 10th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.46.

Devon Energy Trading Up 1.7 %

NYSE:DVN opened at $35.13 on Monday. Devon Energy has a 12 month low of $30.39 and a 12 month high of $55.09. The firm has a market cap of $22.80 billion, a price-to-earnings ratio of 7.70, a P/E/G ratio of 1.20 and a beta of 1.91. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The company’s 50 day moving average is $35.41 and its 200-day moving average is $37.20.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Equities analysts anticipate that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.24 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. This represents a $0.96 annualized dividend and a yield of 2.73%. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC bought a new position in Devon Energy during the 3rd quarter worth $8,002,000. Bridgewater Associates LP bought a new position in shares of Devon Energy in the third quarter worth $9,426,000. Petrus Trust Company LTA increased its position in shares of Devon Energy by 394.7% in the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after purchasing an additional 17,415 shares during the period. CIBC Asset Management Inc increased its position in shares of Devon Energy by 6.3% in the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after purchasing an additional 6,358 shares during the period. Finally, Smead Capital Management Inc. increased its position in shares of Devon Energy by 3.5% in the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after purchasing an additional 198,193 shares during the period. 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.