Devon Energy (NYSE:DVN) Price Target Cut to $64.00 by Analysts at Wells Fargo & Company

Devon Energy (NYSE:DVN) had its target price reduced by Wells Fargo & Company from $65.00 to $64.00 in a research report released on Monday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the energy company’s stock.

Other equities research analysts also recently issued research reports about the stock. Barclays reduced their price objective on shares of Devon Energy from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 target price on the stock in a research report on Wednesday, June 10th. Wolfe Research set a $67.00 target price on Devon Energy and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Citigroup increased their target price on Devon Energy from $65.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, August 31st. Finally, UBS Group raised their price target on Devon Energy from $55.00 to $63.00 and gave the company a “buy” rating in a report on Monday, September 14th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $59.72.

Devon Energy Stock Down 0.7%

Shares of Devon Energy stock opened at $46.70 on Monday. The company has a market cap of $51.38 billion, a P/E ratio of 11.09, a PEG ratio of 1.27 and a beta of 0.37. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. Devon Energy has a one year low of $31.47 and a one year high of $52.71. The firm has a fifty day moving average of $46.83 and a two-hundred day moving average of $46.31.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. During the same quarter last year, the business earned $0.84 EPS. The business’s revenue was up 73.1% on a year-over-year basis. On average, analysts forecast that Devon Energy will post 5.27 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. Devon Energy’s payout ratio is currently 30.40%.

Insider Activity

In related news, CEO Clay Gaspar bought 3,913 shares of the stock in a transaction on Monday, September 14th. The shares were bought at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the completion of the transaction, the chief executive officer owned 619,152 shares of the company’s stock, valued at $31,626,284.16. This represents a 0.64% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $50.95, for a total transaction of $344,218.20. Following the completion of the transaction, the executive vice president directly owned 72,720 shares of the company’s stock, valued at approximately $3,705,084. This trade represents a 8.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 4.58% of the company’s stock.

Hedge Funds Weigh In On Devon Energy

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

Devon Energy News Summary

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Wells Fargo maintained its overweight rating on Devon Energy, indicating continued confidence in the company’s earnings outlook and valuation. The bank’s revised $64 price target still implies substantial upside from recent trading levels, despite being reduced modestly from $65. Wells Fargo Remains a Buy on Devon Energy
• Positive Sentiment: Devon’s multi-basin footprint remains a key investment argument. Its exposure across several U.S. oil and gas regions, including the Eagle Ford, provides operational diversification and multiple avenues for production, cash flow and portfolio optimization. What Is Behind Devon Energy’s Multi-Basin Footprint?
• Neutral Sentiment: Devon is receiving elevated retail and market attention, with Zacks users actively evaluating whether the shares remain attractive. The coverage highlights valuation and fundamentals but does not represent a new company-specific catalyst. Is Trending Stock Devon Energy a Buy Now?
• Negative Sentiment: BP reportedly studied buying Devon’s Eagle Ford assets but ultimately walked away. The abandoned potential transaction removes a possible source of near-term asset-sale proceeds or takeover speculation, although it may also underscore the strategic value of Devon’s South Texas operations. BP vs. Devon: A Shale Deal That Never Happened
• Negative Sentiment: Wells Fargo’s reduction of its price target from $65 to $64 is a modest negative signal, suggesting slightly less upside in its updated assumptions. However, the continued overweight rating tempers the impact of the cut. Devon Energy Stock Price Target Lowered at Wells Fargo

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.