Susquehanna Lowers Devon Energy (NYSE:DVN) Price Target to $62.00

Devon Energy (NYSE:DVN) had its target price lowered by equities researchers at Susquehanna from $63.00 to $62.00 in a report released on Friday, Benzinga reports. The firm presently has a “positive” rating on the energy company’s stock. Susquehanna’s target price would suggest a potential upside of 52.48% from the company’s current price.

Several other equities research analysts have also issued reports on DVN. Piper Sandler reduced their price target on Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a report on Tuesday, October 15th. Wells Fargo & Company decreased their target price on shares of Devon Energy from $55.00 to $50.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. UBS Group dropped their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Morgan Stanley reduced their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Finally, Jefferies Financial Group started coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price on the stock. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $52.53.

Devon Energy Stock Performance

DVN stock opened at $40.66 on Friday. The stock has a market cap of $25.70 billion, a P/E ratio of 7.76, a P/E/G ratio of 1.27 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. The firm has a 50 day simple moving average of $42.15 and a 200 day simple moving average of $46.28. Devon Energy has a 52 week low of $37.76 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. Devon Energy’s revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.18 EPS. Research analysts anticipate that Devon Energy will post 5.01 earnings per share for the current fiscal year.

Institutional Trading of Devon Energy

Institutional investors have recently modified their holdings of the company. William B. Walkup & Associates Inc. acquired a new stake in Devon Energy during the second quarter worth $1,026,000. Tradewinds Capital Management LLC acquired a new stake in shares of Devon Energy during the 1st quarter valued at about $30,000. Gordian Capital Singapore Pte Ltd bought a new stake in Devon Energy in the second quarter valued at about $711,000. MCF Advisors LLC raised its position in Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after purchasing an additional 215 shares in the last quarter. Finally, Mather Group LLC. bought a new position in Devon Energy during the first quarter worth about $121,000. 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.