Royal Bank of Canada Cuts Devon Energy (NYSE:DVN) Price Target to $40.00

Devon Energy (NYSE:DVN) had its price objective decreased by Royal Bank of Canada from $49.00 to $40.00 in a research note published on Monday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the energy company’s stock.

Other analysts have also issued research reports about the company. Scotiabank lowered their target price on Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating for the company in a report on Friday, April 11th. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Friday, January 3rd. Wells Fargo & Company dropped their price target on Devon Energy from $46.00 to $44.00 and set an “overweight” rating on the stock in a research note on Monday. Williams Trading set a $50.00 target price on Devon Energy in a research report on Wednesday, March 5th. Finally, Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a report on Wednesday, January 15th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $46.71.

Devon Energy Trading Up 2.6 %

Shares of NYSE DVN opened at $29.28 on Monday. The business’s 50 day moving average price is $34.09 and its 200-day moving average price is $35.96. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $53.20. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The company has a market cap of $19.00 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 for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. On average, sell-side analysts expect that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.28%. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

Institutional Trading of Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of DVN. Morse Asset Management Inc purchased a new position in shares of Devon Energy in the third quarter valued at approximately $126,000. M&T Bank Corp raised its stake in Devon Energy by 3.1% in the 3rd quarter. M&T Bank Corp now owns 34,801 shares of the energy company’s stock valued at $1,361,000 after purchasing an additional 1,040 shares during the last quarter. Virtu Financial LLC purchased a new position in Devon Energy in the 3rd quarter valued at $7,468,000. Pine Valley Investments Ltd Liability Co acquired a new stake in Devon Energy during the 3rd quarter worth $209,000. Finally, World Investment Advisors LLC grew its holdings in shares of Devon Energy by 3,440.3% during the third quarter. World Investment Advisors LLC now owns 149,437 shares of the energy company’s stock worth $5,846,000 after buying an additional 145,216 shares in the last quarter. 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.