Devon Energy (NYSE:DVN) Price Target Lowered to $50.00 at Wells Fargo & Company

Devon Energy (NYSE:DVN) had its price objective cut by Wells Fargo & Company from $55.00 to $50.00 in a research note published on Tuesday morning, Benzinga reports. They currently have an overweight rating on the energy company’s stock.

Other equities research analysts also recently issued reports about the stock. Piper Sandler decreased their price objective on shares of Devon Energy from $65.00 to $57.00 and set an overweight rating for the company in a research note on Thursday, August 15th. Scotiabank decreased their price objective on shares of Devon Energy from $67.00 to $60.00 and set a sector outperform rating for the company in a research note on Friday, July 12th. Sanford C. Bernstein decreased their price objective on shares of Devon Energy from $48.00 to $43.00 and set a market perform rating for the company in a research note on Wednesday, July 17th. Evercore ISI decreased their price objective on shares of Devon Energy from $55.00 to $50.00 and set an in-line rating for the company in a research note on Monday. Finally, StockNews.com downgraded shares of Devon Energy from a buy rating to a hold rating in a research note on Monday, September 2nd. Seven investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $55.41.

Devon Energy Price Performance

Devon Energy stock opened at $39.77 on Tuesday. Devon Energy has a 1 year low of $37.76 and a 1 year high of $55.09. The firm has a 50 day moving average price of $42.93 and a 200 day moving average price of $46.95. The company has a market cap of $25.13 billion, a price-to-earnings ratio of 7.59, a PEG ratio of 1.22 and a beta of 2.03. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. During the same period in the previous year, the firm earned $1.18 earnings per share. Devon Energy’s revenue was up 13.4% compared to the same quarter last year. Sell-side analysts predict that Devon Energy will post 5.11 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a $0.22 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.21%. Devon Energy’s dividend payout ratio is presently 16.79%.

Hedge Funds Weigh In On Devon Energy

Large investors have recently made changes to their positions in the business. Triad Wealth Partners LLC bought a new position in shares of Devon Energy during the 2nd quarter valued at about $27,000. Tradewinds Capital Management LLC purchased a new stake in Devon Energy during the first quarter valued at about $30,000. Jones Financial Companies Lllp lifted its stake in Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after buying an additional 374 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in Devon Energy during the second quarter valued at about $34,000. Finally, PSI Advisors LLC lifted its stake in Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after buying an additional 300 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

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.