Devon Energy (NYSE:DVN) PT Raised to $57.00

Devon Energy (NYSE:DVN) had its price target boosted by investment analysts at Mizuho from $53.00 to $57.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the energy company’s stock. Mizuho’s price objective would indicate a potential upside of 13.10% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on DVN. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a report on Thursday, March 7th. Piper Sandler upped their price objective on Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Barclays initiated coverage on Devon Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price for the company. JPMorgan Chase & Co. increased their price target on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Finally, Scotiabank lifted their price objective on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $58.56.

Devon Energy Stock Down 1.5 %

NYSE:DVN opened at $50.40 on Thursday. Devon Energy has a twelve month low of $40.47 and a twelve month high of $55.09. The firm has a market capitalization of $32.00 billion, a price-to-earnings ratio of 8.64 and a beta of 2.16. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The stock’s 50 day moving average price is $49.23 and its two-hundred day moving average price is $46.24.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the previous year, the company earned $1.66 earnings per share. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. Equities research analysts expect that Devon Energy will post 5.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

Several institutional investors have recently made changes to their positions in DVN. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Devon Energy during the third quarter valued at approximately $27,000. Tradewinds Capital Management LLC acquired a new position in shares of Devon Energy during the 1st quarter worth $30,000. Manchester Capital Management LLC bought a new stake in shares of Devon Energy during the 4th quarter worth $28,000. Sound Income Strategies LLC boosted its stake in Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after buying an additional 255 shares in the last quarter. Finally, Rise Advisors LLC grew its position in 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 acquiring an additional 669 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

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.