Devon Energy (NYSE:DVN) PT Lowered to $67.00

Devon Energy (NYSE:DVN) had its target price lowered by equities researchers at Truist Financial from $69.00 to $67.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the energy company’s stock. Truist Financial’s price target points to a potential upside of 32.57% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the company. JPMorgan Chase & Co. upped their target price on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Stifel Nicolaus raised their target price on shares of Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Scotiabank lifted their target price on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. Morgan Stanley upped their price target on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Finally, Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

Devon Energy Stock Performance

Shares of DVN opened at $50.54 on Friday. The firm has a market cap of $32.09 billion, a price-to-earnings ratio of 9.65 and a beta of 2.16. The company’s fifty day moving average is $49.62 and its 200-day moving average is $46.31. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy has a 12 month low of $40.47 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the prior year, the business posted $1.46 earnings per share. The business’s quarterly revenue was down 5.9% on a year-over-year basis. Equities analysts expect that Devon Energy will post 5.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Devon Energy during the 3rd quarter worth approximately $27,000. Tradewinds Capital Management LLC bought a new position in shares of Devon Energy during the first quarter valued at $30,000. Manchester Capital Management LLC acquired a new stake in shares of Devon Energy in the 4th quarter valued at $28,000. Sound Income Strategies LLC grew its holdings in shares of Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares during the last quarter. Finally, Rise Advisors LLC increased its position in shares of Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after purchasing an additional 669 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.