Devon Energy (NYSE:DVN) Price Target Cut to $46.00 by Analysts at TD Cowen

Devon Energy (NYSE:DVN) had its price objective dropped by stock analysts at TD Cowen from $54.00 to $46.00 in a report released on Tuesday. The brokerage presently has a “hold” rating on the energy company’s stock. TD Cowen’s target price indicates a potential upside of 16.96% from the stock’s previous close.

DVN has been the topic of a number of other reports. Piper Sandler cut their target price on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 15th. UBS Group dropped their price objective on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research note on Tuesday, September 3rd. StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Finally, Mizuho dropped their target price on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $52.15.

Devon Energy Stock Performance

DVN traded up $0.18 during trading on Tuesday, reaching $39.33. 2,769,295 shares of the company’s stock were exchanged, compared to its average volume of 7,309,650. Devon Energy has a 1 year low of $37.76 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The stock has a market capitalization of $24.63 billion, a P/E ratio of 7.13, a price-to-earnings-growth ratio of 1.18 and a beta of 2.03. The company’s fifty day simple moving average is $40.92 and its 200-day simple moving average is $45.15.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same quarter in the previous year, the firm earned $1.18 EPS. The firm’s revenue was up 13.4% compared to the same quarter last year. As a group, research analysts predict that Devon Energy will post 4.93 earnings per share for the current fiscal year.

Institutional Trading of Devon Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in DVN. William B. Walkup & Associates Inc. acquired a new stake in shares of Devon Energy in the 2nd quarter valued at approximately $1,026,000. Gordian Capital Singapore Pte Ltd acquired a new stake in Devon Energy in the 2nd quarter valued at $711,000. New York State Teachers Retirement System boosted its holdings in Devon Energy by 14.2% during the 3rd quarter. New York State Teachers Retirement System now owns 704,831 shares of the energy company’s stock worth $27,573,000 after acquiring an additional 87,462 shares during the last quarter. CWM LLC raised its stake in shares of Devon Energy by 73.4% during the 3rd quarter. CWM LLC now owns 38,969 shares of the energy company’s stock worth $1,524,000 after purchasing an additional 16,490 shares during the period. Finally, J.W. Cole Advisors Inc. increased its position in shares of Devon Energy by 11.9% during the third quarter. J.W. Cole Advisors Inc. now owns 120,800 shares of the energy company’s stock valued at $4,726,000 after buying an additional 12,882 shares during the period. 69.72% of the stock is owned by institutional investors.

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.