Devon Energy (NYSE:DVN) Price Target Lowered to $51.00 at Raymond James

Devon Energy (NYSE:DVN) had its price target reduced by Raymond James from $58.00 to $51.00 in a note issued to investors on Tuesday. Raymond James’ price objective would indicate a potential upside of 29.67% from the stock’s current price.

Several other analysts have also weighed in on the stock. TD Cowen lowered their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday. Piper Sandler reduced their price target on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a report on Tuesday, October 15th. Evercore ISI decreased their price objective on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. Susquehanna decreased their target price on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Finally, Benchmark reissued a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus target price of $52.15.

Devon Energy Stock Up 0.5 %

Shares of NYSE:DVN traded up $0.18 during midday trading on Tuesday, reaching $39.33. The company had a trading volume of 2,769,295 shares, compared to its average volume of 7,309,650. The stock has a market capitalization of $24.63 billion, a P/E ratio of 7.13, a PEG ratio of 1.18 and a beta of 2.03. The stock’s fifty day moving average price is $40.92 and its 200-day moving average price is $45.15. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. Devon Energy has a one year low of $37.76 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The company had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. Devon Energy’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.18 EPS. Equities research analysts expect that Devon Energy will post 4.93 earnings per share for the current fiscal year.

Institutional Trading of Devon Energy

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Devon Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after acquiring an additional 2,559,039 shares during the last quarter. International Assets Investment Management LLC boosted its position in Devon Energy by 4,125.7% during the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after purchasing an additional 2,226,983 shares during the period. Pacer Advisors Inc. grew its holdings in Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after purchasing an additional 1,428,776 shares during the last quarter. Los Angeles Capital Management LLC raised its position in shares of Devon Energy by 7,165.6% in the second quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock valued at $65,234,000 after purchasing an additional 1,357,311 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Devon Energy by 16.7% in the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after buying an additional 1,255,543 shares during 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.