Devon Energy (NYSE:DVN) PT Lowered to $56.00

Devon Energy (NYSE:DVN) had its target price reduced by stock analysts at Piper Sandler from $57.00 to $56.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the energy company’s stock. Piper Sandler’s target price indicates a potential upside of 30.57% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. Susquehanna decreased their price target 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. Scotiabank reduced their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Royal Bank of Canada reissued a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research note on Tuesday, September 3rd. UBS Group cut their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Finally, Barclays cut their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Eight investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $52.58.

Devon Energy Stock Down 0.2 %

Shares of NYSE DVN opened at $42.89 on Tuesday. 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 firm has a market cap of $27.11 billion, a PE ratio of 8.19, a price-to-earnings-growth ratio of 1.27 and a beta of 2.02. The company has a 50 day simple moving average of $42.40 and a 200 day simple moving average of $46.53.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter last year, the firm earned $1.18 earnings per share. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. On average, research analysts forecast that Devon Energy will post 5.01 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DVN. William B. Walkup & Associates Inc. bought a new position in shares of Devon Energy during the 2nd quarter worth approximately $1,026,000. Tradewinds Capital Management LLC bought a new stake in Devon Energy during the first quarter worth $30,000. Gordian Capital Singapore Pte Ltd purchased a new position in Devon Energy in the second quarter worth $711,000. MCF Advisors LLC increased its position in shares of Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after purchasing an additional 215 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Devon Energy by 39.2% during the 1st quarter. GAMMA Investing LLC now owns 10,927 shares of the energy company’s stock worth $548,000 after purchasing an additional 3,079 shares during the period. 69.72% of the stock is currently 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.