Devon Energy (NYSE:DVN) PT Raised to $65.00

Devon Energy (NYSE:DVN) had its target price lifted by equities research analysts at Susquehanna from $52.00 to $65.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “positive” rating on the energy company’s stock. Susquehanna’s price objective would indicate a potential upside of 25.41% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Raymond James decreased their price target on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Barclays began coverage on shares of Devon Energy in a report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price on the stock. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Truist Financial reduced their price objective on shares of Devon Energy from $69.00 to $66.00 and set a “buy” rating on the stock in a research note on Friday, April 5th. Finally, Scotiabank upped their price objective on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $58.11.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $51.83 on Monday. The firm has a 50 day moving average of $47.89 and a 200-day moving average of $45.92. The stock has a market capitalization of $32.91 billion, a PE ratio of 8.89 and a beta of 2.19. 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 has a 12 month low of $40.47 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. The company had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.66 EPS. On average, equities research analysts predict that Devon Energy will post 5.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of DVN. Wahed Invest LLC raised its stake in Devon Energy by 2.1% in the first quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock valued at $469,000 after purchasing an additional 161 shares in the last quarter. Salem Investment Counselors Inc. raised its stake in Devon Energy by 31.4% in the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after purchasing an additional 199 shares in the last quarter. Avior Wealth Management LLC raised its stake in Devon Energy by 4.9% in the third quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock valued at $210,000 after purchasing an additional 207 shares in the last quarter. MCF Advisors LLC raised its stake in Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after purchasing an additional 215 shares in the last quarter. Finally, Cornerstone Wealth Management LLC raised its stake in Devon Energy by 1.9% in the third quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock valued at $550,000 after purchasing an additional 218 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.