Barclays Forecasts Strong Price Appreciation for Devon Energy (NYSE:DVN) Stock

Devon Energy (NYSE:DVN) had its price objective boosted by research analysts at Barclays from $57.00 to $59.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the energy company’s stock. Barclays‘s target price would indicate a potential upside of 26.69% from the stock’s previous close.

A number of other analysts also recently issued reports on DVN. Seaport Research Partners started coverage on Devon Energy in a research note on Thursday, September 3rd. They issued a “buy” rating and a $65.00 target price for the company. Sanford C. Bernstein cut shares of Devon Energy from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $49.00 to $44.00 in a research report on Wednesday. Citigroup upped their price objective on shares of Devon Energy from $65.00 to $67.00 and gave the company a “buy” rating in a report on Monday, August 31st. Argus restated a “buy” rating and set a $45.85 price objective on shares of Devon Energy in a research report on Monday, August 17th. Finally, BMO Capital Markets restated an “outperform” rating and set a $67.00 price objective on shares of Devon Energy in a research report on Tuesday, October 6th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $59.72.

Devon Energy Price Performance

Shares of NYSE:DVN traded up $0.34 during midday trading on Friday, hitting $46.57. The company had a trading volume of 8,358,951 shares, compared to its average volume of 11,037,116. Devon Energy has a twelve month low of $34.23 and a twelve month high of $52.71. The stock has a market cap of $53.08 billion, a price-to-earnings ratio of 11.64, a price-to-earnings-growth ratio of 1.04 and a beta of 0.43. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.70 and a quick ratio of 0.65. The business’s 50-day simple moving average is $48.26 and its 200-day simple moving average is $46.20.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Thursday, November 5th. The energy company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.09. The company had revenue of $6.86 billion for the quarter, compared to analyst estimates of $6.57 billion. Devon Energy had a return on equity of 14.86% and a net margin of 16.22%. The firm’s revenue for the quarter was up 66.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.04 earnings per share. On average, research analysts predict that Devon Energy will post 5.56 earnings per share for the current year.

Insider Buying and Selling

In other Devon Energy news, EVP Robert Ferrall Lowe III sold 6,756 shares of the business’s 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 sale, the executive vice president owned 72,720 shares of the company’s stock, valued at $3,705,084. The trade was a 8.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Clay M. Gaspar purchased 3,913 shares of the firm’s stock in a transaction on Monday, September 14th. The shares were purchased at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the completion of the purchase, the chief executive officer directly owned 619,152 shares of the company’s stock, valued at $31,626,284.16. This represents a 0.64% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 4.58% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently modified their holdings of the company. Premier Financial Group acquired a new position in Devon Energy during the 2nd quarter worth about $25,000. Financial Management Professionals Inc. boosted its holdings in Devon Energy by 119.0% during the 3rd quarter. Financial Management Professionals Inc. now owns 576 shares of the energy company’s stock valued at $27,000 after acquiring an additional 313 shares during the period. JFS Wealth Advisors LLC boosted its holdings in Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after acquiring an additional 245 shares during the period. Parvin Asset Management LLC acquired a new position in Devon Energy in the 2nd quarter valued at about $28,000. Finally, KERR FINANCIAL PLANNING Corp acquired a new position in Devon Energy in the 2nd quarter valued at about $29,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy News Summary

These are some of the DVN news items that stood out recently:

• Positive Sentiment: Siebert Williams Shank & Co. maintained its “buy” rating, providing continued analyst support for the stock. Siebert rating report
• Neutral Sentiment: Citigroup cut its target to $60 from $67 but kept a “buy” rating; the lower target tempers its continued bullish stance. Citigroup recommendations
• Negative Sentiment: Bernstein downgraded DVN to “market perform” from “outperform” and lowered its target to $44 from $49, indicating potential downside from the cited share price. Bernstein downgrade report

About Devon Energy

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market. Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins. The company’s portfolio has evolved through acquisitions and asset sales over its history.