Truist Financial Boosts Devon Energy (NYSE:DVN) Price Target to $69.00

Devon Energy (NYSE:DVN) had its target price raised by equities research analysts at Truist Financial from $66.00 to $69.00 in a report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the energy company’s stock. Truist Financial’s price target points to a potential upside of 31.25% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Morgan Stanley upped their price objective 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. Scotiabank increased their price target on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a report on Thursday, March 7th. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Finally, Raymond James decreased their price target on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $58.33.

Devon Energy Trading Up 0.8 %

NYSE DVN opened at $52.57 on Monday. The stock has a market capitalization of $33.38 billion, a P/E ratio of 9.02 and a beta of 2.19. The business has a 50 day simple moving average of $48.30 and a 200 day simple moving average of $46.05. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. Devon Energy has a one year low of $40.47 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 EPS 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 the consensus estimate of $3.88 billion. During the same quarter last year, the firm posted $1.66 EPS. The company’s quarterly revenue was down 3.6% on a year-over-year basis. Research analysts expect that Devon Energy will post 5.14 earnings per share for the current year.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors have recently made changes to their positions in the stock. Morgan Stanley increased its stake in Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after acquiring an additional 2,220,194 shares during the last quarter. Raymond James & Associates grew its holdings in shares of Devon Energy by 8.9% during the 1st quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock valued at $453,871,000 after purchasing an additional 736,449 shares during the last quarter. Victory Capital Management Inc. raised its position in Devon Energy by 0.8% in the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after purchasing an additional 68,339 shares during the period. Dimensional Fund Advisors LP lifted its stake in Devon Energy by 26.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after purchasing an additional 1,488,374 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Devon Energy by 1.2% during the third quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock valued at $323,145,000 after buying an additional 82,607 shares during the period. 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.