Mizuho Cuts Devon Energy (NYSE:DVN) Price Target to $46.00

Devon Energy (NYSE:DVN) had its price target reduced by equities researchers at Mizuho from $49.00 to $46.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the energy company’s stock. Mizuho’s price objective would suggest a potential upside of 71.57% from the company’s previous close.

DVN has been the subject of a number of other research reports. Piper Sandler lifted their price objective on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Raymond James dropped their target price on shares of Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a research note on Monday, March 10th. Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Wednesday, January 15th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Finally, Truist Financial upped their price target on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a report on Thursday, February 20th. 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 data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $47.63.

Devon Energy Stock Performance

Devon Energy stock opened at $26.81 on Wednesday. Devon Energy has a 1-year low of $25.46 and a 1-year high of $55.09. The firm has a market cap of $17.40 billion, a P/E ratio of 5.88, a P/E/G ratio of 1.20 and a beta of 1.50. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The firm has a 50-day moving average of $34.76 and a 200-day moving average of $36.42.

Devon Energy (NYSE:DVN) last released its 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. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Sell-side analysts expect that Devon Energy will post 4.85 EPS for the current year.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently added to or reduced their stakes in DVN. Czech National Bank grew its position in shares of Devon Energy by 5.9% during the 1st quarter. Czech National Bank now owns 150,879 shares of the energy company’s stock worth $5,643,000 after buying an additional 8,450 shares in the last quarter. 180 Wealth Advisors LLC increased its position in Devon Energy by 6.9% during the 1st quarter. 180 Wealth Advisors LLC now owns 24,352 shares of the energy company’s stock valued at $911,000 after purchasing an additional 1,571 shares during the period. Rhumbline Advisers raised its holdings in shares of Devon Energy by 10.2% in the 1st quarter. Rhumbline Advisers now owns 1,253,112 shares of the energy company’s stock valued at $46,866,000 after purchasing an additional 115,835 shares in the last quarter. Peoples Bank KS lifted its position in shares of Devon Energy by 93.9% in the 1st quarter. Peoples Bank KS now owns 18,425 shares of the energy company’s stock worth $689,000 after purchasing an additional 8,925 shares during the period. Finally, Stolper Co increased its holdings in Devon Energy by 0.3% during the first quarter. Stolper Co now owns 134,671 shares of the energy company’s stock valued at $5,037,000 after buying an additional 416 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.