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

Devon Energy (NYSE:DVN) had its target price lifted by stock analysts at Barclays from $40.00 to $42.00 in a report issued on Wednesday, Marketbeat Ratings reports. The brokerage currently has an “equal weight” rating on the energy company’s stock. Barclays‘s target price indicates a potential upside of 11.02% from the company’s previous close.

A number of other equities research analysts have also commented on the company. JPMorgan Chase & Co. reduced their price target on Devon Energy from $44.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday, January 15th. UBS Group raised Devon Energy from a “neutral” rating to a “buy” rating and raised their price objective for the company from $40.00 to $46.00 in a research note on Friday, December 12th. Argus upgraded Devon Energy to a “strong-buy” rating in a research note on Wednesday, November 26th. Susquehanna raised their price target on shares of Devon Energy from $40.00 to $42.00 and gave the company a “positive” rating in a research report on Wednesday, November 12th. Finally, Royal Bank Of Canada set a $42.00 target price on shares of Devon Energy and gave the company a “sector perform” rating in a research report on Friday, October 10th. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.38.

Devon Energy Stock Up 4.2%

Shares of Devon Energy stock traded up $1.54 during trading hours on Wednesday, reaching $37.83. 1,082,123 shares of the company’s stock were exchanged, compared to its average volume of 10,146,855. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $38.88. The stock has a market cap of $23.73 billion, a P/E ratio of 8.92, a P/E/G ratio of 3.08 and a beta of 0.60. The company has a current ratio of 0.96, a quick ratio of 0.87 and a debt-to-equity ratio of 0.48. The company has a 50 day moving average of $36.41 and a two-hundred day moving average of $34.73.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. The company had revenue of $0.00 million during the quarter, compared to analysts’ expectations of $4.10 billion. During the same quarter last year, the company posted $1.10 EPS. On average, sell-side analysts forecast that Devon Energy will post 4.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently made changes to their positions in DVN. TD Asset Management Inc lifted its holdings in shares of Devon Energy by 6.4% in the second quarter. TD Asset Management Inc now owns 267,322 shares of the energy company’s stock worth $8,504,000 after buying an additional 16,106 shares in the last quarter. Natixis lifted its stake in Devon Energy by 101.4% in the 2nd quarter. Natixis now owns 73,902 shares of the energy company’s stock worth $2,351,000 after purchasing an additional 37,211 shares in the last quarter. CWM LLC boosted its holdings in shares of Devon Energy by 70.0% during the 3rd quarter. CWM LLC now owns 336,861 shares of the energy company’s stock valued at $11,810,000 after purchasing an additional 138,717 shares during the last quarter. Stephens Inc. AR boosted its holdings in shares of Devon Energy by 90.4% during the 2nd quarter. Stephens Inc. AR now owns 72,546 shares of the energy company’s stock valued at $2,308,000 after purchasing an additional 34,448 shares during the last quarter. Finally, Scott & Selber Inc. purchased a new position in shares of Devon Energy during the second quarter valued at about $2,455,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.