Devon Energy (NYSE:DVN) Price Target Raised to $52.00 at Susquehanna

Devon Energy (NYSE:DVN) had its price target raised by Susquehanna from $50.00 to $52.00 in a report published on Thursday,Benzinga reports. They currently have a positive rating on the energy company’s stock.

A number of other research analysts also recently issued reports on DVN. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Wells Fargo & Company dropped their target price on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. TD Cowen cut their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Truist Financial lifted their price objective on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday. Finally, Raymond James upped their target price on Devon Energy from $53.00 to $54.00 and gave the company an “outperform” rating in a research report on Thursday, January 23rd. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.83.

Devon Energy Stock Performance

NYSE DVN opened at $38.60 on Thursday. The company has a market capitalization of $25.35 billion, a price-to-earnings ratio of 8.46, a PEG ratio of 1.09 and a beta of 1.98. Devon Energy has a twelve month low of $30.39 and a twelve month high of $55.09. The stock has a fifty day simple moving average of $34.40 and a 200 day simple moving average of $38.40. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a return on equity of 23.17% and a net margin of 18.14%. Sell-side analysts expect that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.24 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is currently 19.30%.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently made changes to their positions in DVN. Vanguard Group Inc. boosted its stake in Devon Energy by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after purchasing an additional 5,465,692 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Devon Energy by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock valued at $552,830,000 after purchasing an additional 1,038,305 shares in the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Devon Energy during the third quarter valued at approximately $461,857,000. Pacer Advisors Inc. grew its holdings in Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after buying an additional 1,677,652 shares in the last quarter. Finally, EnCap Partners GP LLC purchased a new stake in Devon Energy in the 3rd quarter valued at $408,653,000. Institutional investors and hedge funds 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.