Wells Fargo & Company Has Lowered Expectations for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price objective decreased by Wells Fargo & Company from $49.00 to $43.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the energy company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 33.83% from the stock’s current price.

A number of other analysts have also recently weighed in on the stock. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Monday. Barclays reduced their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Raymond James reduced their target price on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Scotiabank reduced their target price on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Finally, TD Cowen reduced their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $50.25.

Devon Energy Price Performance

Shares of Devon Energy stock traded down $0.46 on Tuesday, hitting $32.13. The company had a trading volume of 2,032,385 shares, compared to its average volume of 7,565,235. The business has a 50-day simple moving average of $38.54 and a 200-day simple moving average of $42.43. 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 company has a market cap of $21.11 billion, a PE ratio of 5.96, a PEG ratio of 1.10 and a beta of 1.99. Devon Energy has a 52 week low of $31.89 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business’s revenue was up 4.9% on a year-over-year basis. During the same period last year, the firm posted $1.65 earnings per share. Research analysts expect that Devon Energy will post 4.79 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors have recently modified their holdings of DVN. 1620 Investment Advisors Inc. bought a new position in shares of Devon Energy in the second quarter worth about $34,000. Capital Performance Advisors LLP acquired a new stake in shares of Devon Energy during the 3rd quarter worth approximately $35,000. PSI Advisors LLC grew its position in shares of Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after buying an additional 300 shares during the period. Future Financial Wealth Managment LLC acquired a new stake in shares of Devon Energy during the 3rd quarter worth approximately $39,000. Finally, True Wealth Design LLC grew its position in shares of Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after buying an additional 1,089 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.