Mizuho Cuts Devon Energy (NYSE:DVN) Price Target to $51.00

Devon Energy (NYSE:DVN) had its target price dropped by equities researchers at Mizuho from $53.00 to $51.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the energy company’s stock. Mizuho’s price target would suggest a potential upside of 23.07% from the company’s previous close.

A number of other research firms also recently weighed in on DVN. Piper Sandler decreased their price objective on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Royal Bank of Canada restated a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, September 3rd. BMO Capital Markets lowered their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Bank of America reaffirmed a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. Finally, StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Eight research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $53.26.

Devon Energy Stock Performance

NYSE DVN opened at $41.44 on Wednesday. The firm’s fifty day moving average price is $42.51 and its two-hundred day moving average price is $46.72. The stock has a market cap of $26.19 billion, a PE ratio of 7.89, a PEG ratio of 1.22 and a beta of 2.02. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy has a fifty-two week low of $37.76 and a fifty-two week high of $55.09.

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

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently made changes to their positions in DVN. Elo Mutual Pension Insurance Co boosted its holdings in Devon Energy by 4.0% in the fourth quarter. Elo Mutual Pension Insurance Co now owns 55,883 shares of the energy company’s stock valued at $2,531,000 after acquiring an additional 2,175 shares in the last quarter. Washington Trust Bank increased its position in shares of Devon Energy by 11.5% during the fourth quarter. Washington Trust Bank now owns 5,441 shares of the energy company’s stock valued at $246,000 after buying an additional 560 shares during the period. DRW Securities LLC raised its stake in Devon Energy by 152.8% in the fourth quarter. DRW Securities LLC now owns 50,561 shares of the energy company’s stock worth $2,290,000 after buying an additional 30,561 shares in the last quarter. Hobbs Group Advisors LLC purchased a new stake in Devon Energy in the fourth quarter worth about $700,000. Finally, Chelsea Counsel Co. boosted its position in Devon Energy by 223.8% during the 4th quarter. Chelsea Counsel Co. now owns 30,860 shares of the energy company’s stock valued at $1,398,000 after acquiring an additional 21,330 shares in the last quarter. 69.72% of the stock is currently 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.