Devon Energy (NYSE:DVN) Price Target Lowered to $53.00 at Piper Sandler

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

DVN has been the topic of several other reports. Benchmark reiterated a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research note on Monday. Raymond James reduced their price objective on Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Morgan Stanley lowered their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Finally, Scotiabank dropped their target price 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. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy currently has an average rating of “Hold” and a consensus target price of $50.05.

Devon Energy Trading Down 1.9 %

Shares of NYSE:DVN opened at $30.52 on Tuesday. The business’s 50 day moving average price is $37.89 and its 200-day moving average price is $42.16. Devon Energy has a 1 year low of $30.49 and a 1 year high of $55.09. The firm has a market capitalization of $20.05 billion, a price-to-earnings ratio of 5.66, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (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 business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. The company’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the firm posted $1.65 earnings per share. On average, equities research analysts forecast that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.88%. Devon Energy’s dividend payout ratio is currently 16.33%.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently modified their holdings of the business. 1620 Investment Advisors Inc. acquired a new position in Devon Energy in the second quarter valued at about $34,000. PSI Advisors LLC raised its stake in shares of Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of Devon Energy in the 3rd quarter worth approximately $35,000. Future Financial Wealth Managment LLC acquired a new position in shares of Devon Energy in the 3rd quarter worth approximately $39,000. Finally, True Wealth Design LLC boosted its position in shares of Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

About Devon Energy

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.