Raymond James Cuts Devon Energy (NYSE:DVN) Price Target to $51.00

Devon Energy (NYSE:DVN) had its price target lowered by Raymond James from $58.00 to $51.00 in a report released on Tuesday morning.

Several other research firms also recently commented on DVN. StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. TD Cowen lowered their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday. UBS Group lowered 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 note on Wednesday, September 18th. Benchmark reissued a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Finally, Mizuho cut their price objective on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $51.80.

Devon Energy Stock Performance

NYSE:DVN traded up $0.22 during mid-day trading on Tuesday, hitting $39.11. The stock had a trading volume of 2,188,070 shares, compared to its average volume of 7,402,814. Devon Energy has a twelve month low of $37.76 and a twelve month high of $55.09. The stock has a market cap of $24.49 billion, a price-to-earnings ratio of 7.06, a PEG ratio of 1.20 and a beta of 2.03. The company’s 50 day simple moving average is $40.60 and its 200 day simple moving average is $44.99. 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 quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the firm earned $1.65 EPS. The business’s revenue was up 4.9% on a year-over-year basis. On average, equities research analysts forecast that Devon Energy will post 4.93 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 15.97%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of DVN. PNC Financial Services Group Inc. boosted its stake in shares of Devon Energy by 14.8% during the third quarter. PNC Financial Services Group Inc. now owns 174,495 shares of the energy company’s stock valued at $6,826,000 after purchasing an additional 22,534 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Devon Energy during the third quarter valued at approximately $806,000. Fifth Third Wealth Advisors LLC raised its holdings in Devon Energy by 45.1% in the third quarter. Fifth Third Wealth Advisors LLC now owns 11,259 shares of the energy company’s stock worth $440,000 after purchasing an additional 3,499 shares in the last quarter. Prospera Financial Services Inc raised its holdings in Devon Energy by 20.4% in the third quarter. Prospera Financial Services Inc now owns 22,813 shares of the energy company’s stock worth $893,000 after purchasing an additional 3,867 shares in the last quarter. Finally, Smead Capital Management Inc. raised its holdings in Devon Energy by 3.5% in the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after purchasing an additional 198,193 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

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.