Raymond James Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price objective hoisted by stock analysts at Raymond James from $53.00 to $54.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the energy company’s stock. Raymond James’ price target suggests a potential upside of 47.23% from the stock’s previous close.

Several other brokerages have also issued reports on DVN. TD Cowen decreased their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research report on Wednesday, January 15th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Jefferies Financial Group began coverage on Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target for the company. Finally, JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research report on Thursday, December 5th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $49.41.

Devon Energy Stock Up 0.6 %

Shares of DVN traded up $0.22 on Thursday, hitting $36.68. The company’s stock had a trading volume of 2,694,303 shares, compared to its average volume of 10,441,717. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The firm’s fifty day moving average price is $35.37 and its 200-day moving average price is $40.05. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The firm has a market capitalization of $24.09 billion, a price-to-earnings ratio of 6.80, a P/E/G ratio of 1.22 and a beta of 2.00.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the firm earned $1.65 EPS. Devon Energy’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts expect that Devon Energy will post 4.68 EPS for the current year.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently added to or reduced their stakes in the business. William B. Walkup & Associates Inc. bought a new position in Devon Energy during the 2nd quarter worth $1,026,000. Bridgewater Associates LP bought a new position in Devon Energy during the 3rd quarter worth $9,426,000. Legacy Investment Solutions LLC bought a new position in Devon Energy during the 3rd quarter worth $8,002,000. Petrus Trust Company LTA increased its position in Devon Energy by 394.7% during the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after buying an additional 17,415 shares during the period. Finally, CIBC Asset Management Inc increased its position in Devon Energy by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after buying an additional 6,358 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.