Wells Fargo & Company cut its target price on Devon Energy (NYSE:DVN) to $55.00

VaselineAugust 17, 2024

0 3 minutes read

Devon Energy (NYSE:DVN – Free Report) Its price objective was reduced by Wells Fargo & Company from $57.00 to $55.00 in a report on Wednesday, Benzinga reports. They currently have an overweight rating on the energy company’s stock.

Several other brokerages have also issued reports on DVN. Royal Bank of Canada restated a sector perform rating and set a $57.00 target price on shares of Devon Energy in a research note on Tuesday, July 9th. Stifel Nicolaus boosted their price target on Devon Energy from $65.00 to $66.00 and gave the company a buy rating in a research note on Tuesday, April 23rd. Scotiabank dropped their price objective on Devon Energy from $67.00 to $60.00 and set a sector outperform rating on the stock in a research note on Friday, July 12th. Morgan Stanley boosted their price objective on Devon Energy from $52.00 to $54.00 and gave the company an overweight rating in a research note on Tuesday, July 9th. Finally, JPMorgan Chase & Co. boosted their price objective on Devon Energy from $62.00 to $64.00 and gave the company an overweight rating in a research note on Monday, July 8th. Five investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $58.75.

Check out our latest analysis of Devon Energy

Devon Energy Price Performance

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NYSE DVN opened at $45.09 on Wednesday. Devon Energy has a 12-month low of $40.47 and a 12-month high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97, and a current ratio of 1.04. The stock has a market cap of $28.50 billion, a PE ratio of 8.60, a P/E/G ratio of 0.75 and a beta of 2.07. The stock has a 50-day simple moving average of $46.16 and a 200-day simple moving average of $47.34.

Devon Energy (NYSE:DVN – Get Free Report ) last posted its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same period last year, the company posted earnings per share of $1.18. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. research analysts anticipate that Devon Energy will post 5.4 EPS for the current year.

Devon Energy announces dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, September 13. This represents a dividend of $0.88 on an annualized basis and a yield of 1.95%. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

Institutional investors weigh in on Devon Energy

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after buying an additional 2,559,039 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after buying an additional 1,488,374 shares in the last quarter. Pacer Advisors Inc. raised its holdings in Devon Energy by 16.8% during the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after buying an additional 1,428,776 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in Devon Energy by 7,165.6% during the 2nd quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock worth $65,234,000 after buying another 1,357,311 shares in the last quarter. Finally, National Bank of Canada FI boosted its holdings in Devon Energy by 447.6% during the second quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock worth $56,299,000 after buying an additional 964,147 shares in the last quarter. 69.72% of shares are currently owned by institutional investors.

About Devon Energy

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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 the Delaware, Eagle Ford, Anadarko, Williston and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.