Devon Energy (NYSE:DVN) Given New $64.00 Price Target at Wolfe Research

Devon Energy (NYSE:DVN) had its target price hoisted by Wolfe Research from $58.00 to $64.00 in a report issued on Monday,MarketScreener reports. Wolfe Research’s price target suggests a potential upside of 41.25% from the company’s previous close.

A number of other research firms also recently issued reports on DVN. Citigroup boosted their price target on Devon Energy from $43.00 to $44.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th. Susquehanna lifted their price objective on Devon Energy from $47.00 to $52.00 and gave the company a “positive” rating in a research note on Friday, February 20th. Weiss Ratings upgraded Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, January 28th. Sanford C. Bernstein dropped their target price on shares of Devon Energy from $48.00 to $42.00 and set an “outperform” rating for the company in a research report on Monday, January 5th. Finally, Scotiabank cut their price target on shares of Devon Energy from $45.00 to $41.00 and set a “sector perform” rating on the stock in a report on Monday, February 23rd. Twenty-three analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $48.54.

Devon Energy Trading Up 1.9%

Shares of DVN traded up $0.83 during mid-day trading on Monday, reaching $45.31. The company had a trading volume of 3,716,709 shares, compared to its average volume of 11,356,062. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $46.15. The firm has a fifty day simple moving average of $40.44 and a 200-day simple moving average of $36.90. The stock has a market cap of $28.09 billion, a price-to-earnings ratio of 10.87, a price-to-earnings-growth ratio of 4.50 and a beta of 0.56. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. The business had revenue of $17.19 billion during the quarter, compared to the consensus estimate of $3.67 billion. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The business’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.10 EPS. On average, sell-side analysts anticipate that Devon Energy will post 4.85 EPS for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently modified their holdings of the stock. Allianz Asset Management GmbH grew its position in Devon Energy by 4.3% in the third quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company’s stock valued at $29,210,000 after acquiring an additional 33,974 shares in the last quarter. Greatmark Investment Partners Inc. lifted its position in shares of Devon Energy by 5.6% during the third quarter. Greatmark Investment Partners Inc. now owns 571,925 shares of the energy company’s stock worth $20,052,000 after purchasing an additional 30,435 shares in the last quarter. Canada Post Corp Registered Pension Plan lifted its position in shares of Devon Energy by 298.1% during the third quarter. Canada Post Corp Registered Pension Plan now owns 42,351 shares of the energy company’s stock worth $1,585,000 after purchasing an additional 31,713 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Devon Energy by 5.0% in the third quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock valued at $415,319,000 after purchasing an additional 560,652 shares during the period. Finally, Natixis boosted its stake in shares of Devon Energy by 101.4% in the second quarter. Natixis now owns 73,902 shares of the energy company’s stock valued at $2,351,000 after purchasing an additional 37,211 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.