Devon Energy (NYSE:DVN) Price Target Cut to $78.00

Devon Energy (NYSE:DVNGet Rating) had its price objective reduced by equities research analysts at Citigroup from $80.00 to $78.00 in a research report issued to clients and investors on Tuesday, The Fly reports. Citigroup’s price target indicates a potential upside of 15.04% from the stock’s previous close.

Several other analysts also recently issued reports on DVN. JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $83.00 target price on the stock. in a research note on Thursday, September 15th. They noted that the move was a valuation call. The Goldman Sachs Group boosted their target price on shares of Devon Energy from $62.00 to $73.00 and gave the company a “neutral” rating in a research note on Wednesday, October 19th. Mizuho cut their target price on shares of Devon Energy from $91.00 to $86.00 and set a “buy” rating on the stock in a research note on Monday, October 24th. Truist Financial boosted their target price 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. Finally, Morgan Stanley dropped their price target on shares of Devon Energy from $69.00 to $67.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 19th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $81.17.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $67.80 on Tuesday. Devon Energy has a one year low of $35.55 and a one year high of $79.40. The stock has a fifty day moving average of $69.15 and a 200-day moving average of $66.17. The company has a market capitalization of $44.32 billion, a PE ratio of 7.12, a price-to-earnings-growth ratio of 0.14 and a beta of 2.45. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.16 and a current ratio of 1.16.

Insiders Place Their Bets

In other Devon Energy news, EVP Dennis C. Cameron sold 5,557 shares of the stock in a transaction on Wednesday, November 9th. The shares were sold at an average price of $70.48, for a total transaction of $391,657.36. Following the transaction, the executive vice president now directly owns 258,981 shares of the company’s stock, valued at $18,252,980.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds have recently bought and sold shares of DVN. National Asset Management Inc. boosted its holdings in Devon Energy by 41.5% during the first quarter. National Asset Management Inc. now owns 9,753 shares of the energy company’s stock valued at $577,000 after acquiring an additional 2,861 shares during the period. FDx Advisors Inc. boosted its holdings in Devon Energy by 28.0% during the first quarter. FDx Advisors Inc. now owns 12,577 shares of the energy company’s stock valued at $744,000 after acquiring an additional 2,755 shares during the period. Metis Global Partners LLC boosted its holdings in Devon Energy by 91.1% during the first quarter. Metis Global Partners LLC now owns 10,507 shares of the energy company’s stock valued at $622,000 after acquiring an additional 5,009 shares during the period. Arizona State Retirement System lifted its stake in shares of Devon Energy by 2.2% in the first quarter. Arizona State Retirement System now owns 179,026 shares of the energy company’s stock valued at $10,586,000 after buying an additional 3,920 shares during the period. Finally, Waldron Private Wealth LLC lifted its stake in shares of Devon Energy by 7.6% in the first quarter. Waldron Private Wealth LLC now owns 5,153 shares of the energy company’s stock valued at $304,000 after buying an additional 363 shares during the period. 79.19% of the stock is currently owned by institutional investors.

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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