Devon Energy (NYSE:DVN) PT Raised to $77.00 at Citigroup

Devon Energy (NYSE:DVNGet Rating) had its price target upped by equities research analysts at Citigroup from $62.00 to $77.00 in a report released on Wednesday, The Fly reports. The brokerage currently has a “buy” rating on the energy company’s stock. Citigroup’s price objective indicates a potential upside of 21.99% from the company’s previous close.

Other equities analysts have also issued reports about the company. Raymond James boosted their price target on Devon Energy from $80.00 to $85.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 17th. Mizuho increased their target price on Devon Energy from $88.00 to $91.00 and gave the stock a “buy” rating in a report on Thursday, August 18th. Truist Financial raised their price objective on shares of Devon Energy from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, August 10th. Credit Suisse Group raised their price objective on shares of Devon Energy from $75.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, June 9th. Finally, JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $83.00 price objective on the stock. in a research note on Thursday, September 15th. They noted that the move was a valuation call. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.06.

Devon Energy Price Performance

Shares of DVN opened at $63.12 on Wednesday. Devon Energy has a 52-week low of $30.49 and a 52-week high of $79.40. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.55 and a current ratio of 1.55. The business’s 50 day moving average price is $64.42 and its two-hundred day moving average price is $63.30. The firm has a market cap of $41.33 billion, a PE ratio of 8.01, a price-to-earnings-growth ratio of 0.13 and a beta of 2.47.

Devon Energy (NYSE:DVNGet Rating) last issued its quarterly earnings results on Monday, August 1st. The energy company reported $2.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.21. Devon Energy had a return on equity of 48.58% and a net margin of 30.65%. The firm had revenue of $5.63 billion for the quarter, compared to analyst estimates of $4.77 billion. During the same period in the previous year, the firm earned $0.60 earnings per share. The company’s revenue was up 132.8% compared to the same quarter last year. On average, equities analysts anticipate that Devon Energy will post 9.24 EPS for the current year.

Insider Buying and Selling

In related news, EVP Dennis C. Cameron sold 4,537 shares of the firm’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $53.55, for a total transaction of $242,956.35. Following the completion of the sale, the executive vice president now owns 270,269 shares in the company, valued at $14,472,904.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Devon Energy

Large investors have recently added to or reduced their stakes in the stock. SailingStone Capital Partners LLC purchased a new position in shares of Devon Energy in the second quarter worth about $1,028,000. Federated Hermes Inc. increased its stake in shares of Devon Energy by 21.3% in the second quarter. Federated Hermes Inc. now owns 60,584 shares of the energy company’s stock worth $3,339,000 after purchasing an additional 10,652 shares in the last quarter. Private Trust Co. NA increased its stake in shares of Devon Energy by 31.7% in the second quarter. Private Trust Co. NA now owns 10,812 shares of the energy company’s stock worth $596,000 after purchasing an additional 2,602 shares in the last quarter. B. Riley Wealth Management Inc. purchased a new position in shares of Devon Energy in the second quarter worth about $1,317,000. Finally, Royal London Asset Management Ltd. increased its stake in shares of Devon Energy by 9.7% in the second quarter. Royal London Asset Management Ltd. now owns 259,320 shares of the energy company’s stock worth $14,305,000 after purchasing an additional 22,824 shares in the last quarter. Hedge funds and other institutional investors own 79.19% of the company’s stock.

About Devon Energy

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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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