Devon Energy (NYSE:DVN) Stock Price Expected to Rise, Barclays Analyst Says

Devon Energy (NYSE:DVN) had its price objective lifted by stock analysts at Barclays from $43.00 to $44.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the energy company’s stock. Barclays‘s target price indicates a potential upside of 17.08% from the stock’s current price.

DVN has been the subject of several other research reports. JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research note on Thursday, December 5th. Benchmark upgraded Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a research note on Tuesday, January 14th. Wells Fargo & Company cut their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Citigroup lowered their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Finally, Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Friday, January 3rd. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $49.17.

Devon Energy Trading Up 7.7 %

Shares of DVN opened at $37.58 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. Devon Energy has a 52-week low of $30.39 and a 52-week high of $55.09. The firm has a market cap of $24.69 billion, a price-to-earnings ratio of 8.24, a PEG ratio of 1.09 and a beta of 1.98. The business’s fifty day moving average is $34.31 and its 200-day moving average is $38.40.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The firm had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a return on equity of 23.17% and a net margin of 18.14%. Equities analysts anticipate that Devon Energy will post 4.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of DVN. Hazlett Burt & Watson Inc. boosted its stake in Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after acquiring an additional 290 shares in the last quarter. Sfmg LLC raised its holdings in shares of Devon Energy by 0.5% during the third quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock valued at $2,538,000 after purchasing an additional 294 shares during the period. Redwood Wealth Management Group LLC raised its holdings in shares of Devon Energy by 3.9% during the fourth quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock valued at $266,000 after purchasing an additional 309 shares during the period. Brighton Jones LLC grew its stake in shares of Devon Energy by 0.7% in the 3rd quarter. Brighton Jones LLC now owns 42,510 shares of the energy company’s stock valued at $1,663,000 after buying an additional 310 shares during the period. Finally, Cornerstone Wealth Management LLC grew its stake in shares of Devon Energy by 1.6% in the 4th quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock valued at $695,000 after buying an additional 326 shares during the period. 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.