Devon Energy (NYSE:DVN) Stock Gets Price Target Trim from Mizuho

Devon Energy (NYSE:DVN) had its target price dropped by stock analysts at Mizuho from $68.00 to $65.00 in a report released on Friday, Benzinga reports. The firm presently has an “outperform” rating on the energy company’s stock. Mizuho’s price target indicates a potential upside of 31.94% from the company’s current price.

A number of other research analysts also recently commented on the stock. BMO Capital Markets reiterated an “outperform” rating and set a $67.00 price objective on shares of Devon Energy in a research note on Tuesday, October 6th. Weiss Ratings raised shares of Devon Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Stifel Nicolaus started coverage on shares of Devon Energy in a research report on Thursday, September 10th. They issued a “buy” rating and a $61.00 target price for the company. Seaport Research Partners initiated coverage on shares of Devon Energy in a research report on Thursday, September 3rd. They issued a “buy” rating and a $65.00 target price for the company. Finally, Wall Street Zen upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Saturday, October 3rd. Two analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.72.

Devon Energy Stock Performance

Shares of DVN opened at $49.27 on Friday. The business’s 50 day moving average is $47.91 and its two-hundred day moving average is $46.29. Devon Energy has a 52-week low of $31.47 and a 52-week high of $52.71. The firm has a market cap of $54.19 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 1.32 and a beta of 0.49. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.40 by $0.17. The company had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. The business’s revenue was up 73.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.84 EPS. Analysts forecast that Devon Energy will post 5.39 EPS for the current fiscal year.

Insiders Place Their Bets

In other Devon Energy news, EVP Robert Ferrall Lowe III sold 6,756 shares of Devon Energy stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $50.95, for a total value of $344,218.20. Following the completion of the transaction, the executive vice president directly owned 72,720 shares in the company, valued at $3,705,084. The trade was a 8.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Clay M. Gaspar bought 3,913 shares of the stock in a transaction dated Monday, September 14th. The shares were bought at an average cost of $51.08 per share, with a total value of $199,876.04. Following the completion of the acquisition, the chief executive officer directly owned 619,152 shares of the company’s stock, valued at approximately $31,626,284.16. The trade was a 0.64% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 4.58% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in shares of Devon Energy by 57.6% during the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock valued at $3,941,054,000 after acquiring an additional 34,871,366 shares during the period. State Street Corp increased its holdings in shares of Devon Energy by 89.8% in the 2nd quarter. State Street Corp now owns 73,179,266 shares of the energy company’s stock worth $3,023,767,000 after acquiring an additional 34,615,088 shares during the period. Wellington Management Group LLP increased its holdings in shares of Devon Energy by 418.3% in the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock worth $2,128,905,000 after acquiring an additional 41,581,435 shares during the period. Bank of America Corp DE acquired a new stake in shares of Devon Energy in the 2nd quarter worth about $421,226,000. Finally, GQG Partners LLC acquired a new stake in shares of Devon Energy in the 2nd quarter worth about $402,558,000. 69.72% of the stock is owned by institutional investors and hedge funds.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company operates in the United States and focuses on onshore properties with oil- and liquids-rich resources.

Devon’s operations are concentrated in several major U.S. producing regions, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.