Citigroup Lowers Devon Energy (NYSE:DVN) Price Target to $48.00

Devon Energy (NYSE:DVN) had its price target cut by research analysts at Citigroup from $55.00 to $48.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the energy company’s stock. Citigroup’s price objective points to a potential upside of 26.88% from the stock’s current price.

DVN has been the subject of a number of other reports. Wells Fargo & Company lowered their price target on Devon Energy from $50.00 to $49.00 and set an “overweight” rating for the company in a report on Thursday, November 7th. Truist Financial cut shares of Devon Energy from a “buy” rating to a “hold” rating and dropped their target price for the stock from $49.00 to $43.00 in a report on Thursday, November 7th. UBS Group decreased their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Mizuho dropped their price objective on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. Finally, Evercore ISI decreased their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research note on Monday, September 30th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Devon Energy presently has an average rating of “Hold” and an average price target of $51.15.

Devon Energy Trading Up 0.3 %

NYSE DVN opened at $37.83 on Tuesday. The company has a market capitalization of $24.85 billion, a price-to-earnings ratio of 7.05, a price-to-earnings-growth ratio of 1.21 and a beta of 2.03. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy has a 12 month low of $37.28 and a 12 month high of $55.09. The company’s fifty day moving average price is $39.85 and its two-hundred day moving average price is $43.73.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.65 earnings per share. As a group, research analysts predict that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently added to or reduced their stakes in DVN. Triad Wealth Partners LLC acquired a new stake in shares of Devon Energy in the second quarter valued at $27,000. 1620 Investment Advisors Inc. acquired a new stake in Devon Energy in the 2nd quarter valued at about $34,000. Capital Performance Advisors LLP bought a new position in shares of Devon Energy during the 3rd quarter valued at about $35,000. PSI Advisors LLC grew its stake in shares of Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after purchasing an additional 300 shares during the last quarter. Finally, LRI Investments LLC bought a new stake in shares of Devon Energy in the 1st quarter worth approximately $39,000. 69.72% of the stock is currently 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.