Devon Energy (NYSE:DVN) PT Lowered to $78.00 at Citigroup

Devon Energy (NYSE:DVNGet Rating) had its price objective lowered by Citigroup from $80.00 to $78.00 in a report released on Tuesday morning, The Fly reports.

Several other equities research analysts also recently weighed in on DVN. Piper Sandler increased their price objective on Devon Energy from $94.00 to $96.00 and gave the company an overweight rating in a report on Tuesday, October 18th. Raymond James increased their price objective on Devon Energy from $83.00 to $87.00 and gave the company a strong-buy rating in a report on Monday, November 14th. Jefferies Financial Group initiated coverage on Devon Energy in a research note on Wednesday, October 19th. They set a hold rating and a $75.00 price target for the company. Truist Financial upped their price target on Devon Energy from $110.00 to $115.00 and gave the stock a buy rating in a research note on Wednesday, August 10th. Finally, Argus upped their price target on Devon Energy from $77.00 to $90.00 and gave the stock a buy rating in a research note on Thursday, November 17th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $81.17.

Devon Energy Price Performance

DVN stock opened at $67.80 on Tuesday. The company has a market capitalization of $44.32 billion, a P/E ratio of 7.12, a PEG ratio of 0.15 and a beta of 2.45. Devon Energy has a twelve month low of $35.55 and a twelve month high of $79.40. The business has a 50 day simple moving average of $69.12 and a 200-day simple moving average of $66.18. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.56.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Monday, December 12th will be given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 7.96%. The ex-dividend date is Friday, December 9th. Devon Energy’s dividend payout ratio is currently 65.13%.

Insider Activity

In other news, EVP Dennis C. Cameron sold 5,557 shares of the firm’s stock in a transaction on Wednesday, November 9th. The stock was sold at an average price of $70.48, for a total value of $391,657.36. Following the completion of the transaction, the executive vice president now owns 258,981 shares in the company, valued at $18,252,980.88. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in DVN. O Shaughnessy Asset Management LLC boosted its stake in shares of Devon Energy by 11.1% during the second quarter. O Shaughnessy Asset Management LLC now owns 114,108 shares of the energy company’s stock valued at $6,288,000 after acquiring an additional 11,381 shares during the last quarter. Dynamic Advisor Solutions LLC boosted its stake in shares of Devon Energy by 12.6% during the second quarter. Dynamic Advisor Solutions LLC now owns 25,886 shares of the energy company’s stock valued at $1,427,000 after acquiring an additional 2,903 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Devon Energy by 451.1% during the second quarter. First Horizon Advisors Inc. now owns 6,012 shares of the energy company’s stock valued at $330,000 after acquiring an additional 4,921 shares during the last quarter. MUFG Americas Holdings Corp boosted its stake in shares of Devon Energy by 8.8% during the first quarter. MUFG Americas Holdings Corp now owns 2,830 shares of the energy company’s stock valued at $167,000 after acquiring an additional 230 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC boosted its stake in shares of Devon Energy by 33.5% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 757 shares of the energy company’s stock valued at $42,000 after acquiring an additional 190 shares during the last quarter. Hedge funds and other institutional investors own 79.19% of the company’s stock.

About Devon Energy

(Get Rating)

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

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