BMO Capital Markets Trims Devon Energy (NYSE:DVN) Target Price to $48.00

Devon Energy (NYSE:DVN) had its price target decreased by BMO Capital Markets from $52.00 to $48.00 in a report issued on Friday, Benzinga reports. BMO Capital Markets currently has an outperform rating on the energy company’s stock.

A number of other equities analysts have also commented on the stock. Susquehanna cut their price target on shares of Devon Energy from $65.00 to $63.00 and set a positive rating on the stock in a report on Wednesday, September 4th. Wolfe Research initiated coverage on Devon Energy in a research report on Thursday, July 18th. They set a peer perform rating for the company. Truist Financial decreased their target price on shares of Devon Energy from $60.00 to $49.00 and set a buy rating for the company in a research report on Monday, September 30th. StockNews.com downgraded shares of Devon Energy from a buy rating to a hold rating in a research report on Monday, September 2nd. Finally, UBS Group decreased their price objective on shares of Devon Energy from $53.00 to $47.00 and set a neutral rating for the company in a research report on Wednesday, September 18th. Eight equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Devon Energy presently has an average rating of Moderate Buy and an average price target of $53.79.

Devon Energy Price Performance

NYSE:DVN traded up $0.63 on Friday, hitting $42.42. The company had a trading volume of 10,292,828 shares, compared to its average volume of 7,291,370. The firm has a 50 day moving average of $42.74 and a two-hundred day moving average of $46.87. The stock has a market capitalization of $26.81 billion, a price-to-earnings ratio of 8.09, a PEG ratio of 1.22 and a beta of 2.02. Devon Energy has a 52 week low of $37.76 and a 52 week high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. During the same quarter in the previous year, the company posted $1.18 EPS. Devon Energy’s quarterly revenue was up 13.4% compared to the same quarter last year. On average, research analysts anticipate that Devon Energy will post 5.11 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date was Friday, September 13th. Devon Energy’s payout ratio is currently 16.79%.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently made changes to their positions in the company. Jones Financial Companies Lllp grew its holdings in shares of Devon Energy by 104.8% in the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after acquiring an additional 374 shares in the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of Devon Energy by 35.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 19,208 shares of the energy company’s stock worth $870,000 after purchasing an additional 5,004 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Devon Energy by 120.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 67,327 shares of the energy company’s stock worth $3,050,000 after buying an additional 36,719 shares during the last quarter. Crossmark Global Holdings Inc. boosted its holdings in shares of Devon Energy by 2.8% in the 4th quarter. Crossmark Global Holdings Inc. now owns 28,312 shares of the energy company’s stock worth $1,282,000 after buying an additional 772 shares during the last quarter. Finally, Cetera Advisor Networks LLC grew its position in Devon Energy by 12.7% during the fourth quarter. Cetera Advisor Networks LLC now owns 251,042 shares of the energy company’s stock valued at $11,372,000 after buying an additional 28,258 shares during the period. Hedge funds and other 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.