Devon Energy (NYSE:DVN) Price Target Raised to $103.00 at Truist Financial

Devon Energy (NYSE:DVNGet Rating) had its price target raised by research analysts at Truist Financial from $100.00 to $103.00 in a report issued on Thursday, The Fly reports. Truist Financial’s price target would suggest a potential upside of 32.17% from the stock’s previous close.

DVN has been the subject of a number of other research reports. Susquehanna Bancshares upped their target price on shares of Devon Energy from $62.00 to $73.00 in a research report on Monday, April 25th. Mizuho upped their price target on shares of Devon Energy from $89.00 to $92.00 and gave the company a “buy” rating in a research note on Tuesday, May 31st. Zacks Investment Research downgraded shares of Devon Energy from a “buy” rating to a “hold” rating and set a $76.00 price target on the stock. in a research note on Wednesday, May 18th. StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Friday, May 13th. Finally, Wells Fargo & Company upped their price target on shares of Devon Energy from $53.00 to $73.00 and gave the company an “overweight” rating in a research note on Monday, March 14th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $70.83.

Shares of NYSE:DVN opened at $77.93 on Thursday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a fifty day moving average price of $66.21 and a 200 day moving average price of $55.86. Devon Energy has a fifty-two week low of $24.05 and a fifty-two week high of $79.19. The firm has a market cap of $51.43 billion, a price-to-earnings ratio of 14.62 and a beta of 2.59.

Devon Energy (NYSE:DVNGet Rating) last issued its earnings results on Monday, May 2nd. The energy company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.14. Devon Energy had a net margin of 25.69% and a return on equity of 36.57%. The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the prior year, the business earned $0.45 earnings per share. As a group, research analysts predict that Devon Energy will post 8.82 earnings per share for the current year.

Devon Energy declared that its board has approved a stock buyback program on Monday, May 2nd that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the energy company to reacquire up to 4.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

In other Devon Energy news, CFO Jeffrey L. Ritenour sold 55,000 shares of the stock in a transaction dated Friday, March 11th. The shares were sold at an average price of $58.35, for a total transaction of $3,209,250.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kelt Kindick sold 9,049 shares of the stock in a transaction dated Friday, May 6th. The stock was sold at an average price of $68.03, for a total transaction of $615,603.47. Following the transaction, the director now owns 42,590 shares in the company, valued at $2,897,397.70. The disclosure for this sale can be found here. Insiders sold a total of 117,772 shares of company stock worth $7,327,688 in the last ninety days. 0.80% of the stock is currently owned by insiders.

Institutional investors have recently modified their holdings of the business. Wahed Invest LLC boosted its holdings in shares of Devon Energy by 2.1% in the 1st quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock valued at $469,000 after buying an additional 161 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in shares of Devon Energy by 2.3% in the 1st quarter. Quadrant Capital Group LLC now owns 7,515 shares of the energy company’s stock valued at $445,000 after buying an additional 169 shares in the last quarter. Trustcore Financial Services LLC boosted its holdings in shares of Devon Energy by 16.7% in the 1st quarter. Trustcore Financial Services LLC now owns 1,225 shares of the energy company’s stock valued at $72,000 after buying an additional 175 shares in the last quarter. Private Advisor Group LLC boosted its holdings in shares of Devon Energy by 0.3% in the 1st quarter. Private Advisor Group LLC now owns 56,111 shares of the energy company’s stock valued at $3,318,000 after buying an additional 175 shares in the last quarter. Finally, Gotham Asset Management LLC boosted its holdings in shares of Devon Energy by 1.0% in the 4th quarter. Gotham Asset Management LLC now owns 18,612 shares of the energy company’s stock valued at $820,000 after buying an additional 187 shares in the last quarter. Institutional investors own 87.01% of the company’s stock.

About Devon Energy (Get Rating)

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

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