Barclays Cuts Devon Energy (NYSE:DVN) Price Target to $82.00

Devon Energy (NYSE:DVNGet Rating) had its price objective dropped by equities researchers at Barclays from $86.00 to $82.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the energy company’s stock. Barclays‘s target price would indicate a potential upside of 24.70% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on DVN. Mizuho reaffirmed a “buy” rating and set a $82.00 price target (down from $86.00) on shares of Devon Energy in a research note on Tuesday, January 10th. Citigroup cut their price objective on shares of Devon Energy from $80.00 to $78.00 in a research report on Tuesday, November 22nd. Argus boosted their target price on shares of Devon Energy from $77.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, November 17th. Piper Sandler dropped their price target on shares of Devon Energy from $98.00 to $96.00 and set an “overweight” rating on the stock in a research note on Friday, January 13th. Finally, The Goldman Sachs Group lifted their price objective 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. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $80.56.

Devon Energy Stock Performance

Shares of DVN opened at $65.76 on Monday. The company has a market capitalization of $42.99 billion, a PE ratio of 6.91, a PEG ratio of 0.15 and a beta of 2.36. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.16 and a current ratio of 1.16. The company’s 50 day moving average price is $64.03 and its 200 day moving average price is $65.21. Devon Energy has a 52 week low of $42.87 and a 52 week high of $79.40.

Devon Energy (NYSE:DVNGet Rating) last posted its quarterly earnings results on Tuesday, November 1st. The energy company reported $2.18 EPS for the quarter, beating the consensus estimate of $2.13 by $0.05. Devon Energy had a net margin of 33.01% and a return on equity of 53.17%. The business had revenue of $5.43 billion for the quarter, compared to analysts’ expectations of $4.91 billion. Research analysts expect that Devon Energy will post 8.5 EPS for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Devon Energy

Several large investors have recently added to or reduced their stakes in DVN. Tradewinds Capital Management LLC increased its position in shares of Devon Energy by 115.0% during the fourth quarter. Tradewinds Capital Management LLC now owns 430 shares of the energy company’s stock valued at $26,000 after purchasing an additional 230 shares during the period. Canada Pension Plan Investment Board acquired a new stake in Devon Energy during the first quarter worth $26,000. Romano Brothers AND Company bought a new stake in Devon Energy in the 4th quarter valued at $29,000. SJS Investment Consulting Inc. acquired a new position in shares of Devon Energy in the 3rd quarter valued at $29,000. Finally, Financial Enhancement Group LLC bought a new position in shares of Devon Energy during the 3rd quarter worth about $29,000. Institutional investors and hedge funds own 78.08% of the company’s stock.

Devon Energy Company Profile

(Get Rating)

Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.

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