Devon Energy (NYSE:DVN) PT Raised to $57.00

Devon Energy (NYSE:DVN) had its price objective upped by analysts at UBS Group from $48.00 to $57.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the energy company’s stock. UBS Group’s target price points to a potential upside of 5.75% from the stock’s current price.

A number of other research firms also recently weighed in on DVN. Truist Financial cut their target price on Devon Energy from $69.00 to $66.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Piper Sandler dropped their price target on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 24th. Mizuho decreased their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, January 11th. JPMorgan Chase & Co. lifted their target price on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Citigroup upped their price target on shares of Devon Energy from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $57.83.

Devon Energy Trading Down 1.1 %

Shares of Devon Energy stock opened at $53.90 on Wednesday. The company has a market cap of $34.23 billion, a price-to-earnings ratio of 9.25 and a beta of 2.19. The company’s fifty day simple moving average is $46.59 and its 200-day simple moving average is $45.71. Devon Energy has a 1 year low of $40.47 and a 1 year high of $56.19. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company’s revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.66 earnings per share. As a group, sell-side analysts expect that Devon Energy will post 4.87 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Geode Capital Management LLC lifted its position in Devon Energy by 6.2% in the 1st quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock valued at $715,360,000 after acquiring an additional 823,626 shares in the last quarter. Morgan Stanley raised its stake in shares of Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Devon Energy by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after purchasing an additional 68,339 shares in the last quarter. Raymond James & Associates boosted its position in shares of Devon Energy by 5.0% during the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock valued at $402,095,000 after buying an additional 402,055 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Devon Energy by 1.4% during the first quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock worth $435,881,000 after buying an additional 99,059 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

About Devon Energy

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.