Raymond James Lowers Devon Energy (NYSE:DVN) Price Target to $51.00

Devon Energy (NYSE:DVN) had its price target reduced by stock analysts at Raymond James from $58.00 to $51.00 in a note issued to investors on Tuesday. Raymond James’ price target suggests a potential upside of 29.67% from the company’s current price.

DVN has been the topic of several other research reports. Wolfe Research began coverage on Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Jefferies Financial Group began coverage on Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective for the company. Benchmark restated a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Sanford C. Bernstein cut their price objective on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research report on Wednesday, July 17th. Finally, StockNews.com lowered Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $52.15.

Devon Energy Price Performance

Shares of NYSE:DVN traded up $0.18 during trading on Tuesday, reaching $39.33. The stock had a trading volume of 2,769,295 shares, compared to its average volume of 7,309,650. The business has a fifty day moving average price of $40.92 and a 200-day moving average price of $45.15. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The stock has a market cap of $24.63 billion, a PE ratio of 7.13, a PEG ratio of 1.18 and a beta of 2.03. Devon Energy has a 1-year low of $37.76 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period last year, the company earned $1.18 EPS. On average, equities analysts forecast that Devon Energy will post 4.93 earnings per share for the current fiscal year.

Institutional Trading of Devon Energy

A number of institutional investors and hedge funds have recently made changes to their positions in DVN. Vanguard Group Inc. increased its position in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after acquiring an additional 2,559,039 shares in the last quarter. Pacer Advisors Inc. raised its position in Devon Energy by 16.8% in the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after purchasing an additional 1,428,776 shares during the period. Raymond James & Associates lifted its stake in shares of Devon Energy by 1.5% during the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after purchasing an additional 138,919 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Devon Energy by 16.7% in the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after buying an additional 1,255,543 shares during the period. Finally, Thrivent Financial for Lutherans grew its stake in shares of Devon Energy by 15.9% in the second quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock valued at $241,456,000 after buying an additional 699,743 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.