Truist Financial Forecasts Strong Price Appreciation for Devon Energy (NYSE:DVN) Stock

Devon Energy (NYSE:DVN) had its target price upped by equities researchers at Truist Financial from $42.00 to $44.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “hold” rating on the energy company’s stock. Truist Financial’s target price suggests a potential upside of 17.38% from the company’s current price.

A number of other analysts have also recently weighed in on DVN. Raymond James increased their price target on shares of Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd. Benchmark reiterated a “buy” rating and set a $44.00 price target on shares of Devon Energy in a research note on Thursday. Mizuho reduced their target price on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Cowen cut shares of Devon Energy to a “hold” rating and reduced their target price for the stock from $46.00 to $45.00 in a research note on Tuesday. Finally, StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.83.

Devon Energy Trading Down 2.8 %

Shares of Devon Energy stock opened at $37.49 on Thursday. The stock has a market cap of $24.62 billion, a price-to-earnings ratio of 8.22, a PEG ratio of 1.17 and a beta of 1.98. The company has a fifty day simple moving average of $34.47 and a 200-day simple moving average of $38.37. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. Devon Energy has a 12-month low of $30.39 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. On average, equities analysts forecast that Devon Energy will post 4.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

Several hedge funds have recently added to or reduced their stakes in DVN. Hurley Capital LLC purchased a new position in Devon Energy during the 4th quarter valued at about $26,000. Accredited Wealth Management LLC purchased a new position in Devon Energy during the 4th quarter valued at about $28,000. Capital Performance Advisors LLP acquired a new stake in shares of Devon Energy during the 3rd quarter worth about $35,000. Cromwell Holdings LLC boosted its stake in shares of Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after purchasing an additional 598 shares during the last quarter. Finally, Sierra Ocean LLC acquired a new stake in shares of Devon Energy during the 4th quarter worth about $43,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.