Devon Energy (NYSE:DVN) Stock Price Expected to Rise, Raymond James Analyst Says

Devon Energy (NYSE:DVN) had its target price hoisted by equities research analysts at Raymond James from $53.00 to $54.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the energy company’s stock. Raymond James’ price target suggests a potential upside of 50.07% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. Mizuho dropped their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Royal Bank of Canada restated a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a research report on Friday, January 10th. Citigroup decreased their price objective on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Benchmark upgraded Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research report on Tuesday, January 14th. Finally, BMO Capital Markets reduced their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.41.

Devon Energy Stock Down 1.3 %

NYSE:DVN opened at $35.98 on Thursday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The company’s fifty day moving average price is $35.27 and its 200-day moving average price is $39.95. Devon Energy has a 1-year low of $30.39 and a 1-year high of $55.09. The firm has a market capitalization of $23.64 billion, a P/E ratio of 6.68, a PEG ratio of 1.21 and a beta of 2.00.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the firm earned $1.65 EPS. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Devon Energy will post 4.7 EPS for the current year.

Institutional Trading of Devon Energy

Several large investors have recently added to or reduced their stakes in the stock. William B. Walkup & Associates Inc. purchased a new stake in shares of Devon Energy in the second quarter valued at about $1,026,000. Bridgewater Associates LP purchased a new stake in shares of Devon Energy in the 3rd quarter valued at approximately $9,426,000. Legacy Investment Solutions LLC acquired a new stake in shares of Devon Energy during the 3rd quarter worth approximately $8,002,000. Petrus Trust Company LTA raised its position in shares of Devon Energy by 394.7% during the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after buying an additional 17,415 shares during the period. Finally, CIBC Asset Management Inc lifted its holdings in Devon Energy by 6.3% in the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after acquiring an additional 6,358 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other 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.