Piper Sandler Forecasts Strong Price Appreciation for Devon Energy (NYSE:DVN) Stock

Devon Energy (NYSE:DVN) had its price objective hoisted by Piper Sandler from $56.00 to $57.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the energy company’s stock. Piper Sandler’s price target indicates a potential upside of 50.36% from the company’s previous close.

DVN has been the topic of a number of other research reports. Susquehanna lowered their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a report on Friday, October 18th. StockNews.com lowered shares of Devon Energy from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. UBS Group reduced their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company 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, Scotiabank reduced their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $51.85.

Devon Energy Stock Performance

Shares of DVN opened at $37.91 on Monday. 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 stock has a 50-day moving average of $39.99 and a 200-day moving average of $44.15. The company has a market cap of $24.90 billion, a PE ratio of 7.03, a P/E/G ratio of 1.20 and a beta of 2.03. Devon Energy has a one year low of $37.76 and a one year high of $55.09.

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, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter 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. On average, equities research analysts predict that Devon Energy will post 4.84 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. William B. Walkup & Associates Inc. purchased a new position in shares of Devon Energy during the second quarter valued at about $1,026,000. CIBC Asset Management Inc increased its position in shares of Devon Energy by 6.3% during the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after buying an additional 6,358 shares during the period. Nations Financial Group Inc. IA ADV purchased a new stake in Devon Energy in the third quarter worth about $592,000. Gordian Capital Singapore Pte Ltd purchased a new stake in Devon Energy in the second quarter worth about $711,000. Finally, New York State Teachers Retirement System grew its holdings in Devon Energy by 14.2% in the third quarter. New York State Teachers Retirement System now owns 704,831 shares of the energy company’s stock worth $27,573,000 after purchasing an additional 87,462 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.