Devon Energy (NYSE:DVN) Price Target Cut to $50.00

Devon Energy (NYSE:DVN) had its price objective reduced by research analysts at Wells Fargo & Company from $55.00 to $50.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the energy company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 25.57% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on the company. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. StockNews.com cut Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Sanford C. Bernstein cut their target price on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. UBS Group cut their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Finally, Morgan Stanley cut their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Seven equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $55.41.

Devon Energy Stock Performance

DVN traded up $0.70 during trading hours on Tuesday, hitting $39.82. 9,156,651 shares of the stock were exchanged, compared to its average volume of 7,229,314. The stock has a 50-day simple moving average of $43.06 and a 200-day simple moving average of $47.00. Devon Energy has a 12 month low of $37.76 and a 12 month high of $55.09. The stock has a market cap of $25.17 billion, a price-to-earnings ratio of 7.61, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03. 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 (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same period last year, the business posted $1.18 earnings per share. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. Analysts anticipate that Devon Energy will post 5.11 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Eagle Asset Management Inc. increased its stake in 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 purchasing an additional 34,632 shares in the last quarter. Jones Financial Companies Lllp increased its stake in Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after purchasing an additional 374 shares in the last quarter. NEOS Investment Management LLC increased its stake 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 increased its stake in 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 in the last quarter. Finally, Belpointe Asset Management LLC increased its stake in 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 in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

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.