Devon Energy (NYSE:DVN) Price Target Raised to $66.00

Devon Energy (NYSE:DVN) had its target price increased by analysts at Stifel Nicolaus from $65.00 to $66.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the energy company’s stock. Stifel Nicolaus’ target price would indicate a potential upside of 25.36% from the stock’s previous close.

A number of other research firms have also commented on DVN. UBS Group boosted their price objective on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Mizuho decreased their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, January 11th. Susquehanna boosted their target price on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday. Piper Sandler increased their price target on shares of Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Raymond James lowered their price target on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $58.33.

Devon Energy Price Performance

DVN stock traded up $0.52 during trading on Tuesday, hitting $52.65. 2,125,061 shares of the stock traded hands, compared to its average volume of 7,908,000. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The stock has a market cap of $33.43 billion, a price-to-earnings ratio of 9.02 and a beta of 2.19. Devon Energy has a one year low of $40.47 and a one year high of $55.09. The company has a 50 day simple moving average of $48.09 and a 200 day simple moving average of $45.98.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. Devon Energy’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.66 earnings per share. Equities analysts expect that Devon Energy will post 5.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

Several institutional investors and hedge funds have recently made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Devon Energy in the 3rd quarter valued at approximately $27,000. Tradewinds Capital Management LLC acquired a new position in shares of Devon Energy during the first quarter worth about $30,000. Manchester Capital Management LLC bought a new position in shares of Devon Energy during the fourth quarter worth about $28,000. Sound Income Strategies LLC grew its stake in shares of Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after acquiring an additional 255 shares in the last quarter. Finally, Rise Advisors LLC raised its holdings in shares of Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after purchasing an additional 669 shares during the last quarter. 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.