Stifel Nicolaus Increases Devon Energy (NYSE:DVN) Price Target to $66.00

Devon Energy (NYSE:DVN) had its price target lifted by Stifel Nicolaus from $65.00 to $66.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the energy company’s stock. Stifel Nicolaus’ target price would suggest a potential upside of 26.70% from the stock’s current price.

Several other research analysts have also issued reports on DVN. UBS Group increased their target price on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Citigroup increased their target price on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. Truist Financial increased their target price on shares of Devon Energy from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Monday. Susquehanna increased their target price on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday. Finally, Scotiabank increased their target price on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $58.33.

Devon Energy Trading Down 0.9 %

Shares of NYSE DVN opened at $52.09 on Tuesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. Devon Energy has a 52-week low of $40.47 and a 52-week high of $55.09. The firm has a 50 day moving average price of $48.51 and a two-hundred day moving average price of $46.09. The stock has a market cap of $33.08 billion, a P/E ratio of 8.93 and a beta of 2.19.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the prior year, the company posted $1.66 earnings per share. Devon Energy’s revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, equities analysts forecast that Devon Energy will post 5.2 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC boosted its holdings in Devon Energy by 15.5% during the third quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock worth $26,221,000 after purchasing an additional 73,570 shares during the last quarter. Nordea Investment Management AB boosted its holdings in Devon Energy by 2.7% during the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock worth $17,974,000 after purchasing an additional 9,823 shares during the last quarter. Atria Investments Inc boosted its holdings in Devon Energy by 64.4% during the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock worth $2,606,000 after purchasing an additional 21,400 shares during the last quarter. Pearl River Capital LLC boosted its holdings in Devon Energy by 367.7% during the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock worth $3,580,000 after purchasing an additional 58,997 shares during the last quarter. Finally, Argent Trust Co boosted its holdings in Devon Energy by 22.1% during the third quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock worth $4,140,000 after purchasing an additional 15,715 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Company Profile

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.