Devon Energy (NYSE:DVN) Price Target Raised to $57.00

Devon Energy (NYSE:DVN) had its price objective increased by investment analysts at Piper Sandler from $56.00 to $57.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the energy company’s stock. Piper Sandler’s price target indicates a potential upside of 46.72% from the stock’s previous close.

A number of other analysts have also recently issued reports on DVN. Mizuho reduced their target price on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. BMO Capital Markets reduced their price objective on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Susquehanna lowered their target price on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Finally, UBS Group decreased their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $51.85.

Devon Energy Stock Up 1.0 %

Devon Energy stock traded up $0.38 during mid-day trading on Monday, hitting $38.85. The company’s stock had a trading volume of 2,097,517 shares, compared to its average volume of 7,408,203. Devon Energy has a 52-week low of $37.76 and a 52-week high of $55.09. The company has a market cap of $25.52 billion, a PE ratio of 7.21, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The firm’s 50 day moving average is $40.09 and its 200 day moving average is $44.33.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the firm earned $1.65 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. On average, analysts anticipate that Devon Energy will post 4.84 earnings per share for the current year.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently modified their holdings of DVN. Coldstream Capital Management Inc. grew its position in Devon Energy by 6.5% in the third quarter. Coldstream Capital Management Inc. now owns 18,978 shares of the energy company’s stock valued at $742,000 after acquiring an additional 1,162 shares during the period. First Dallas Securities Inc. grew its holdings in shares of Devon Energy by 183.3% in the 3rd quarter. First Dallas Securities Inc. now owns 39,955 shares of the energy company’s stock worth $1,563,000 after purchasing an additional 25,854 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Devon Energy by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after purchasing an additional 206,884 shares in the last quarter. Resources Management Corp CT ADV lifted its holdings in Devon Energy by 3.7% during the 3rd quarter. Resources Management Corp CT ADV now owns 15,190 shares of the energy company’s stock valued at $594,000 after purchasing an additional 545 shares during the last quarter. Finally, M&T Bank Corp boosted its position in Devon Energy by 3.1% in the third quarter. M&T Bank Corp now owns 34,801 shares of the energy company’s stock valued at $1,361,000 after buying an additional 1,040 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Company Profile

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.