Devon Energy (NYSE:DVN) Price Target Cut to $48.00

Devon Energy (NYSE:DVN) had its price target dropped by analysts at BMO Capital Markets from $52.00 to $48.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the energy company’s stock. BMO Capital Markets’ target price suggests a potential upside of 13.15% from the stock’s previous close.

Several other research firms also recently weighed in on DVN. Jefferies Financial Group initiated coverage on shares of Devon Energy in a research report on Thursday. They issued a “hold” rating and a $45.00 target price on the stock. Susquehanna lowered their price objective on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. Royal Bank of Canada reissued a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research note on Tuesday, September 3rd. Truist Financial lowered their price target on Devon Energy from $60.00 to $49.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Finally, Piper Sandler reduced their price objective on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. Eight equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $53.79.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $42.42 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The company has a market capitalization of $26.81 billion, a PE ratio of 8.10, a price-to-earnings-growth ratio of 1.22 and a beta of 2.02. The stock has a fifty day moving average of $42.66 and a 200-day moving average of $46.83. Devon Energy has a one year low of $37.76 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. Devon Energy’s revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.18 earnings per share. As a group, equities analysts anticipate that Devon Energy will post 5.11 EPS for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently bought and sold shares of the business. Cullen Investment Group LTD. raised its holdings in Devon Energy by 14.0% during the third quarter. Cullen Investment Group LTD. now owns 123,905 shares of the energy company’s stock valued at $4,847,000 after buying an additional 15,191 shares in the last quarter. Collective Family Office LLC raised its position in shares of Devon Energy by 47.7% in the third quarter. Collective Family Office LLC now owns 6,305 shares of the energy company’s stock valued at $247,000 after purchasing an additional 2,035 shares during the period. Rockland Trust Co. boosted its holdings in shares of Devon Energy by 17.9% during the 3rd quarter. Rockland Trust Co. now owns 5,530 shares of the energy company’s stock worth $216,000 after buying an additional 840 shares during the period. Czech National Bank grew its stake in Devon Energy by 5.9% in the 3rd quarter. Czech National Bank now owns 127,563 shares of the energy company’s stock valued at $4,990,000 after buying an additional 7,129 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV lifted its position in Devon Energy by 13.1% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 3,497 shares of the energy company’s stock worth $137,000 after acquiring an additional 406 shares during the last quarter. 69.72% of the stock is currently owned by 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.