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

by · The Markets Daily

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

Several other research analysts also recently issued reports on the stock. Truist Financial lowered their price objective on shares of Devon Energy from $60.00 to $49.00 and set a buy rating on the stock in a research report on Monday. StockNews.com cut Devon Energy from a buy rating to a hold rating in a research report on Monday, September 2nd. UBS Group decreased their price objective on Devon Energy from $53.00 to $47.00 and set a neutral rating for the company in a research report on Wednesday, September 18th. Scotiabank dropped their target price on Devon Energy from $67.00 to $60.00 and set a sector outperform rating on the stock in a report on Friday, July 12th. Finally, Sanford C. Bernstein decreased their price target on Devon Energy from $48.00 to $43.00 and set a market perform rating for the company in a report on Wednesday, July 17th. Eight equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Devon Energy has an average rating of Moderate Buy and an average target price of $54.11.

View Our Latest Research Report on DVN

Devon Energy Stock Up 3.2 %

Shares of NYSE DVN opened at $41.80 on Tuesday. The business has a 50-day moving average price of $42.83 and a 200 day moving average price of $46.90. The stock has a market cap of $26.42 billion, a PE ratio of 7.98, a price-to-earnings-growth ratio of 1.22 and a beta of 2.02. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. Devon Energy has a 52-week low of $37.76 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN – Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company’s revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.18 earnings per share. Equities research analysts forecast that Devon Energy will post 5.11 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date was Friday, September 13th. Devon Energy’s dividend payout ratio is currently 16.79%.

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently bought and sold shares of DVN. Eagle Asset Management Inc. raised its holdings in shares of Devon Energy by 252.7% in the fourth quarter. Eagle Asset Management Inc. now owns 48,336 shares of the energy company’s stock worth $2,190,000 after acquiring an additional 34,632 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after purchasing an additional 374 shares during the last quarter. NEOS Investment Management LLC grew its position in shares of Devon Energy by 35.1% in the fourth quarter. NEOS Investment Management LLC now owns 9,099 shares of the energy company’s stock valued at $412,000 after purchasing an additional 2,364 shares during the period. Rafferty Asset Management LLC increased its stake in Devon Energy by 5.7% in the fourth quarter. Rafferty Asset Management LLC now owns 327,178 shares of the energy company’s stock valued at $14,821,000 after purchasing an additional 17,617 shares during the last quarter. Finally, Belpointe Asset Management LLC lifted its position in Devon Energy by 31.6% during the fourth quarter. Belpointe Asset Management LLC now owns 34,770 shares of the energy company’s stock worth $1,575,000 after buying an additional 8,357 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Company Profile

(Get Free Report)

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.

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