Citigroup Cuts Devon Energy (NYSE:DVN) Price Target to $48.00

Devon Energy (NYSE:DVN) had its price target trimmed by Citigroup from $55.00 to $48.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the energy company’s stock.

Several other research analysts have also recently issued reports on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. reduced their target price on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. BMO Capital Markets dropped their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Evercore ISI reduced 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 report on Monday, September 30th. Finally, Raymond James dropped their target price on shares of Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy has an average rating of “Hold” and a consensus price target of $51.15.

Devon Energy Stock Performance

Shares of DVN stock opened at $37.84 on Tuesday. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The firm has a fifty day simple moving average of $39.80 and a two-hundred day simple moving average of $43.69. Devon Energy has a 12 month low of $37.28 and a 12 month high of $55.09. The firm has a market capitalization of $24.86 billion, a PE ratio of 7.02, a price-to-earnings-growth ratio of 1.21 and a beta of 2.03.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.65 EPS. Analysts forecast that Devon Energy will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.33%. Devon Energy’s dividend payout ratio is 16.33%.

Institutional Investors Weigh In On Devon Energy

Several institutional investors have recently made changes to their positions in DVN. Triad Wealth Partners LLC purchased a new stake in Devon Energy during the 2nd quarter worth about $27,000. 1620 Investment Advisors Inc. purchased a new stake in shares of Devon Energy in the second quarter worth about $34,000. Capital Performance Advisors LLP bought a new position in shares of Devon Energy in the third quarter valued at approximately $35,000. PSI Advisors LLC grew 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 acquiring an additional 300 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in Devon Energy in the 1st quarter worth approximately $39,000. 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.