Devon Energy (NYSE:DVN) PT Lowered to $48.00

Devon Energy (NYSE:DVN) had its price target cut by analysts at Scotiabank from $60.00 to $48.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the energy company’s stock. Scotiabank’s price target suggests a potential upside of 11.73% from the stock’s previous close.

Several other brokerages have also issued reports on DVN. Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research report on Tuesday, September 3rd. Wolfe Research initiated coverage on Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Susquehanna cut their target price on Devon Energy from $65.00 to $63.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Bank of America reissued a “buy” rating and set a $64.00 price target on shares of Devon Energy in a research note on Friday, June 14th. Finally, Jefferies Financial Group initiated coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective for the company. Eight analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $52.63.

Devon Energy Trading Up 0.2 %

NYSE:DVN opened at $42.96 on Thursday. The company has a market cap of $26.90 billion, a P/E ratio of 7.80, a P/E/G ratio of 1.27 and a beta of 2.02. Devon Energy has a 1 year low of $37.76 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The stock’s fifty day moving average price is $42.37 and its two-hundred day moving average price is $46.62.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. Devon Energy’s revenue was up 13.4% compared to the same quarter last year. During the same period last year, the business earned $1.18 earnings per share. As a group, analysts expect that Devon Energy will post 5.01 EPS for the current year.

Institutional Inflows and Outflows

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

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.