Devon Energy (NYSE:DVN) Price Target Cut to $50.00 by Analysts at Evercore ISI

Devon Energy (NYSE:DVN) had its price target decreased by stock analysts at Evercore ISI from $55.00 to $50.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has an “in-line” rating on the energy company’s stock. Evercore ISI’s target price would suggest a potential upside of 25.72% from the stock’s current price.

Other analysts have also recently issued reports about the company. Bank of America reissued a “buy” rating and issued a $64.00 price target on shares of Devon Energy in a research report on Friday, June 14th. Morgan Stanley dropped their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Truist Financial cut their price objective on shares of Devon Energy from $60.00 to $49.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Sanford C. Bernstein decreased their target price on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a report on Wednesday, July 17th. Seven equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.41.

Devon Energy Price Performance

DVN opened at $39.77 on Monday. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The company has a market cap of $25.13 billion, a price-to-earnings ratio of 7.59, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03. The stock has a fifty day simple moving average of $42.93 and a two-hundred day simple moving average of $46.95. Devon Energy has a 12-month low of $37.76 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same period last year, the company posted $1.18 EPS. Devon Energy’s revenue was up 13.4% on a year-over-year basis. Research analysts predict that Devon Energy will post 5.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently made changes to their positions in DVN. Triad Wealth Partners LLC bought a new stake in Devon Energy during the second quarter valued at approximately $27,000. Tradewinds Capital Management LLC purchased a new stake in shares of Devon Energy in the 1st quarter worth $30,000. Jones Financial Companies Lllp increased its stake in shares of Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after purchasing an additional 374 shares in the last quarter. 1620 Investment Advisors Inc. bought a new position in Devon Energy in the 2nd quarter worth $34,000. Finally, PSI Advisors LLC lifted its position in Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after purchasing an additional 300 shares in the last quarter. Hedge funds and other 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.