Devon Energy (NYSE:DVN) Given New $43.00 Price Target at Citigroup

Devon Energy (NYSE:DVN) had its price target decreased by Citigroup from $46.00 to $43.00 in a research report report published on Friday,Benzinga reports. Citigroup currently has a buy rating on the energy company’s stock.

DVN has been the topic of a number of other research reports. Barclays lifted their target price on shares of Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. Raymond James dropped their price objective on Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research note on Monday, March 10th. Williams Trading set a $50.00 target price on Devon Energy in a research note on Wednesday, March 5th. Mizuho dropped their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Finally, Morgan Stanley set a $47.00 price objective on shares of Devon Energy and gave the company an “overweight” rating in a research report on Wednesday, March 26th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $48.17.

Devon Energy Stock Performance

Shares of DVN opened at $29.30 on Friday. The business has a 50-day simple moving average of $35.22 and a two-hundred day simple moving average of $36.67. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy has a 52 week low of $29.06 and a 52 week high of $55.09. The stock has a market cap of $19.01 billion, a price-to-earnings ratio of 6.42, a PEG ratio of 1.20 and a beta of 1.50.

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

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.24 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.28%. Devon Energy’s payout ratio is 21.05%.

Institutional Trading of Devon Energy

Several hedge funds and other institutional investors have recently bought and sold shares of DVN. Vanguard Group Inc. increased its position in Devon Energy by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after acquiring an additional 5,465,692 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Devon Energy by 6.5% during the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock worth $552,830,000 after purchasing an additional 1,038,305 shares during the period. Fuller & Thaler Asset Management Inc. grew its holdings in Devon Energy by 42.8% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock valued at $340,236,000 after purchasing an additional 3,114,656 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Devon Energy by 2.3% during the 4th quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock valued at $333,971,000 after purchasing an additional 232,469 shares during the last quarter. Finally, Invesco Ltd. raised its position in Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock worth $309,682,000 after purchasing an additional 2,335,473 shares during the period. Hedge funds and other 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.