Devon Energy (NYSE:DVN) PT Raised to $67.00

Devon Energy (NYSE:DVN) had its price objective boosted by analysts at Scotiabank from $53.00 to $67.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “sector outperform” rating on the energy company’s stock. Scotiabank’s price target would suggest a potential upside of 25.40% from the company’s current price.

A number of other analysts have also recently weighed in on the company. Piper Sandler lowered their price target on Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 24th. Raymond James lowered their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 24th. Barclays initiated coverage on Devon Energy in a report on Wednesday. They set an “equal weight” rating and a $59.00 target price on the stock. JPMorgan Chase & Co. increased their target price on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $57.83.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $53.43 on Thursday. The business has a fifty day simple moving average of $46.84 and a 200 day simple moving average of $45.75. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $33.93 billion, a price-to-earnings ratio of 9.16 and a beta of 2.19. Devon Energy has a one year low of $40.47 and a one year high of $56.19.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. Devon Energy’s revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.66 earnings per share. Sell-side analysts expect that Devon Energy will post 4.91 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its stake in shares of Devon Energy by 6.2% during the 1st quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock worth $715,360,000 after acquiring an additional 823,626 shares during the period. Morgan Stanley lifted its holdings in Devon Energy by 23.6% during the 3rd 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 Devon Energy by 0.8% during the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after purchasing an additional 68,339 shares during the last quarter. Raymond James & Associates raised its holdings in Devon Energy by 5.0% in the 3rd quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock valued at $402,095,000 after acquiring an additional 402,055 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in Devon Energy by 1.4% in the 1st quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock valued at $435,881,000 after acquiring an additional 99,059 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Company Profile

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.