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

Devon Energy (NYSE:DVN) had its price target raised by Truist Financial from $42.00 to $44.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “hold” rating on the energy company’s stock. Truist Financial’s target price would indicate a potential upside of 17.38% from the stock’s previous close.

Several other research firms have also recently issued reports on DVN. Benchmark reissued a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a research report on Thursday. Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a research report on Friday, January 10th. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Wednesday, January 15th. TD Cowen reduced their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Finally, Cowen cut shares of Devon Energy to a “hold” rating and reduced their price target for the company from $46.00 to $45.00 in a research report on Tuesday. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.83.

Devon Energy Price Performance

Devon Energy stock opened at $37.49 on Thursday. The firm’s 50-day moving average is $34.47 and its two-hundred day moving average is $38.37. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. Devon Energy has a 12-month low of $30.39 and a 12-month high of $55.09. The stock has a market capitalization of $24.62 billion, a P/E ratio of 8.22, a P/E/G ratio of 1.17 and a beta of 1.98.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. Equities analysts predict that Devon Energy will post 4.85 earnings per share for the current year.

Institutional Trading of Devon Energy

Institutional investors have recently added to or reduced their stakes in the stock. Legacy Investment Solutions LLC acquired a new stake in Devon Energy in the third quarter valued at $8,002,000. Bridgewater Associates LP acquired a new stake in Devon Energy in the third quarter valued at $9,426,000. Petrus Trust Company LTA raised its holdings in Devon Energy by 394.7% in the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after acquiring an additional 17,415 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Devon Energy by 6.3% in the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after acquiring an additional 6,358 shares in the last quarter. Finally, Smead Capital Management Inc. raised its holdings in Devon Energy by 3.5% in the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after acquiring an additional 198,193 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Company Profile

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.