Devon Energy (NYSE:DVN) PT Lowered to $50.00

Devon Energy (NYSE:DVN) had its target price decreased by research analysts at Evercore ISI from $55.00 to $50.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an “in-line” rating on the energy company’s stock. Evercore ISI’s target price indicates a potential upside of 25.72% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Scotiabank lowered their price objective on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Sanford C. Bernstein dropped their price target on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. StockNews.com cut Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. JPMorgan Chase & Co. decreased their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Finally, Wells Fargo & Company cut their target price on Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. Seven investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $55.41.

Devon Energy Price Performance

Devon Energy stock opened at $39.77 on Monday. The stock has a market cap of $25.13 billion, a price-to-earnings ratio of 7.59, a PEG ratio of 1.22 and a beta of 2.03. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The business has a 50-day simple moving average of $42.93 and a 200 day simple moving average of $46.95. Devon Energy has a 52 week low of $37.76 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.26 by $0.15. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. Devon Energy’s revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.18 earnings per share. On average, research analysts forecast that Devon Energy will post 5.11 earnings per share for the current fiscal year.

Institutional Trading of Devon Energy

Several large investors have recently modified their holdings of the business. Eagle Asset Management Inc. grew its position in shares of Devon Energy by 252.7% in the 4th quarter. Eagle Asset Management Inc. now owns 48,336 shares of the energy company’s stock worth $2,190,000 after buying an additional 34,632 shares during the last quarter. Jones Financial Companies Lllp increased its position in Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after purchasing an additional 374 shares during the period. NEOS Investment Management LLC raised its holdings in Devon Energy by 35.1% in the 4th quarter. NEOS Investment Management LLC now owns 9,099 shares of the energy company’s stock worth $412,000 after purchasing an additional 2,364 shares in the last quarter. Rafferty Asset Management LLC lifted its position in shares of Devon Energy by 5.7% in the 4th quarter. Rafferty Asset Management LLC now owns 327,178 shares of the energy company’s stock worth $14,821,000 after purchasing an additional 17,617 shares during the period. Finally, Belpointe Asset Management LLC lifted its position in shares of Devon Energy by 31.6% in the 4th quarter. Belpointe Asset Management LLC now owns 34,770 shares of the energy company’s stock worth $1,575,000 after purchasing an additional 8,357 shares during the period. 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.