Devon Energy (NYSE:DVN) Price Target Raised to $68.00 at Wells Fargo & Company

Devon Energy (NYSE:DVN) had its price objective raised by equities research analysts at Wells Fargo & Company from $66.00 to $68.00 in a report issued on Monday,MarketScreener reports. The firm presently has an “overweight” rating on the energy company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 39.60% from the stock’s previous close.

Several other analysts have also commented on the stock. Evercore initiated coverage on shares of Devon Energy in a report on Friday. They issued an “in-line” rating and a $54.00 price objective for the company. Wall Street Zen downgraded Devon Energy from a “buy” rating to a “hold” rating in a report on Sunday. Siebert Williams Shank increased their target price on Devon Energy from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. BMO Capital Markets raised their target price on Devon Energy from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Finally, Royal Bank Of Canada upped their price target on Devon Energy from $46.00 to $59.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 8th. Four analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $56.85.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $48.71 on Monday. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average price of $47.75 and a 200-day moving average price of $41.44. The company has a market cap of $30.27 billion, a price-to-earnings ratio of 13.56 and a beta of 0.43. Devon Energy has a 12 month low of $30.24 and a 12 month high of $52.71.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter in the prior year, the firm earned $0.82 EPS. The firm’s revenue for the quarter was down 14.5% on a year-over-year basis. As a group, equities analysts anticipate that Devon Energy will post 5.25 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Adam M. Vela sold 24,342 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of the sale, the senior vice president owned 130,540 shares of the company’s stock, valued at $6,162,793.40. This represents a 15.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the transaction, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. This trade represents a 14.05% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.73% of the stock is currently owned by corporate insiders.

Institutional Trading of Devon Energy

Institutional investors have recently made changes to their positions in the business. Woodline Partners LP grew its position in shares of Devon Energy by 98.8% during the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after purchasing an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Devon Energy in the second quarter worth about $403,000. Jump Financial LLC boosted its stake in Devon Energy by 58.8% during the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock valued at $899,000 after buying an additional 10,464 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in Devon Energy by 17.8% during the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock valued at $4,736,000 after buying an additional 22,482 shares during the last quarter. Finally, NewEdge Advisors LLC grew its holdings in Devon Energy by 6.0% during the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock valued at $4,586,000 after buying an additional 8,127 shares in the last quarter. Hedge funds and other 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.