Devon Energy (NYSE:DVN) Given New $67.00 Price Target at Scotiabank

Devon Energy (NYSE:DVN) had its price objective hoisted by Scotiabank from $53.00 to $67.00 in a research report released on Thursday morning, Benzinga reports. Scotiabank currently has a sector outperform rating on the energy company’s stock.

Other research analysts have also recently issued research reports about the company. Piper Sandler decreased their price target on Devon Energy from $61.00 to $59.00 and set an overweight rating for the company in a research note on Wednesday, January 24th. Royal Bank of Canada reaffirmed a sector perform rating and issued a $55.00 price objective on shares of Devon Energy in a report on Thursday, March 7th. Barclays initiated coverage on Devon Energy in a report on Wednesday. They issued an equal weight rating and a $59.00 price objective for the company. UBS Group lifted their price objective on Devon Energy from $48.00 to $57.00 and gave the stock a neutral rating in a report on Wednesday. Finally, Raymond James cut their price target on Devon Energy from $53.00 to $52.00 and set an outperform rating for the company in a report on Wednesday, January 24th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $57.83.

Devon Energy Stock Down 1.1 %

Shares of NYSE:DVN opened at $53.90 on Thursday. Devon Energy has a 52-week low of $40.47 and a 52-week high of $56.19. The firm has a market capitalization of $34.23 billion, a P/E ratio of 9.25 and a beta of 2.19. The stock has a 50 day moving average price of $46.59 and a 200-day moving average price of $45.71. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business’s revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.66 EPS. As a group, equities research analysts anticipate that Devon Energy will post 4.91 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.27%. Devon Energy’s payout ratio is 15.09%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Coppell Advisory Solutions LLC acquired a new stake in shares of Devon Energy in the second quarter worth $25,000. Canada Pension Plan Investment Board acquired a new stake in shares of Devon Energy in the first quarter worth $26,000. KB Financial Partners LLC acquired a new stake in shares of Devon Energy in the first quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Devon Energy in the third quarter worth $27,000. Finally, Manchester Capital Management LLC acquired a new stake in shares of Devon Energy in the fourth quarter worth $28,000. 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.