Devon Energy (NYSE:DVN) Price Target Raised to $44.00

Devon Energy (NYSE:DVN) had its target price lifted by equities researchers at Barclays from $43.00 to $44.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the energy company’s stock. Barclays‘s price target would suggest a potential upside of 17.08% from the company’s previous close.

A number of other research firms have also commented on DVN. Wells Fargo & Company lowered their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Piper Sandler raised their price target on shares of Devon Energy from $53.00 to $54.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Truist Financial reduced their price objective on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research report on Monday, January 13th. Mizuho dropped their target price on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Finally, Citigroup decreased their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $49.17.

Devon Energy Stock Up 7.7 %

Shares of NYSE DVN opened at $37.58 on Thursday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The company has a 50-day moving average price of $34.31 and a 200-day moving average price of $38.40. The stock has a market capitalization of $24.69 billion, a P/E ratio of 8.24, a P/E/G ratio of 1.09 and a beta of 1.98. Devon Energy has a 1 year low of $30.39 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a return on equity of 23.17% and a net margin of 18.14%. On average, equities research analysts forecast that Devon Energy will post 4.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in DVN. Creative Planning boosted its position in shares of Devon Energy by 33.6% in the third quarter. Creative Planning now owns 132,206 shares of the energy company’s stock valued at $5,172,000 after acquiring an additional 33,249 shares during the period. Sequoia Financial Advisors LLC boosted its holdings in Devon Energy by 4.6% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 35,711 shares of the energy company’s stock valued at $1,397,000 after purchasing an additional 1,564 shares during the period. Leo Wealth LLC bought a new position in Devon Energy in the 3rd quarter valued at $202,000. Private Advisor Group LLC grew its position in shares of Devon Energy by 15.1% during the 3rd quarter. Private Advisor Group LLC now owns 96,216 shares of the energy company’s stock valued at $3,764,000 after purchasing an additional 12,607 shares in the last quarter. Finally, Courier Capital LLC increased its holdings in shares of Devon Energy by 6.6% in the third quarter. Courier Capital LLC now owns 17,305 shares of the energy company’s stock worth $677,000 after purchasing an additional 1,079 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.