Devon Energy (NYSE:DVN) Price Target Raised to $42.00

Devon Energy (NYSE:DVN) had its target price boosted by research analysts at The Goldman Sachs Group from $40.00 to $42.00 in a research report issued on Thursday,MarketScreener reports. The firm presently has a “buy” rating on the energy company’s stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 20.58% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. William Blair started coverage on Devon Energy in a research report on Monday, August 25th. They set an “outperform” rating on the stock. Wells Fargo & Company lowered their target price on Devon Energy from $43.00 to $37.00 and set an “overweight” rating for the company in a research report on Friday, October 17th. Raymond James Financial reissued an “outperform” rating and issued a $45.00 price objective (up from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. Susquehanna raised their target price on Devon Energy from $40.00 to $42.00 and gave the company a “positive” rating in a research note on Wednesday. Finally, Piper Sandler dropped their price target on shares of Devon Energy from $58.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $43.86.

Devon Energy Price Performance

Shares of NYSE DVN traded down $0.21 during trading on Thursday, reaching $34.83. The company had a trading volume of 591,511 shares, compared to its average volume of 8,540,949. Devon Energy has a 52 week low of $25.89 and a 52 week high of $39.74. The business’s 50 day moving average price is $33.90 and its 200-day moving average price is $33.34. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The stock has a market cap of $21.85 billion, a PE ratio of 7.77, a PEG ratio of 2.49 and a beta of 1.01.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.11. The company had revenue of $0.00 million during the quarter, compared to analyst estimates of $4.10 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. During the same quarter in the previous year, the business earned $1.10 EPS. Analysts expect that Devon Energy will post 4.85 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in DVN. PFS Partners LLC purchased a new position in shares of Devon Energy in the third quarter valued at $25,000. Banque Cantonale Vaudoise purchased a new position in shares of Devon Energy during the 1st quarter worth about $26,000. First Horizon Corp bought a new stake in Devon Energy in the third quarter worth about $26,000. Opal Wealth Advisors LLC purchased a new position in Devon Energy during the 2nd quarter valued at $25,000. Finally, Caldwell Trust Co bought a new stake in shares of Devon Energy during the second quarter worth $25,000. 69.72% of the stock is 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.