Raymond James Issues Pessimistic Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price objective reduced by investment analysts at Raymond James from $54.00 to $46.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the energy company’s stock. Raymond James’ price target suggests a potential upside of 33.80% from the stock’s current price.

Several other equities analysts have also recently commented on DVN. JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research note on Thursday, December 5th. Citigroup lowered Devon Energy from a “buy” rating to a “reduce” rating in a research note on Wednesday. Benchmark restated a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a research note on Thursday, February 20th. Mizuho dropped their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Finally, Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $48.52.

Devon Energy Stock Performance

Devon Energy stock traded down $0.33 during trading on Monday, hitting $34.38. The stock had a trading volume of 3,905,657 shares, compared to its average volume of 7,826,826. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The stock’s 50 day moving average is $35.24 and its two-hundred day moving average is $37.63. Devon Energy has a 1 year low of $30.39 and a 1 year high of $55.09. The stock has a market cap of $22.31 billion, a price-to-earnings ratio of 7.54, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. As a group, analysts predict that Devon Energy will post 4.85 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DVN. Alpha Wealth Funds LLC bought a new position in shares of Devon Energy in the fourth quarter worth approximately $1,290,000. Siemens Fonds Invest GmbH bought a new position in Devon Energy during the 4th quarter valued at about $187,000. Total Wealth Planning & Management Inc. purchased a new position in shares of Devon Energy during the fourth quarter valued at approximately $273,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Devon Energy during the fourth quarter valued at approximately $7,795,000. Finally, Integrated Advisors Network LLC boosted its holdings in Devon Energy by 6.1% in the fourth quarter. Integrated Advisors Network LLC now owns 8,357 shares of the energy company’s stock worth $274,000 after purchasing an additional 482 shares during 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.