Devon Energy (NYSE:DVN) Price Target Cut to $48.00 by Analysts at Wolfe Research

Devon Energy (NYSE:DVN) had its target price reduced by equities research analysts at Wolfe Research from $53.00 to $48.00 in a report issued on Monday,MarketScreener reports. The firm presently has an “outperform” rating on the energy company’s stock. Wolfe Research’s price target points to a potential upside of 30.19% from the company’s previous close.

Several other equities analysts have also recently commented on DVN. Weiss Ratings reissued a “sell (d+)” rating on shares of Devon Energy in a research note on Monday, December 29th. Barclays dropped their price target on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 7th. Royal Bank Of Canada set a $42.00 target price on shares of Devon Energy and gave the stock a “sector perform” rating in a report on Friday, October 10th. The Goldman Sachs Group raised their target price on shares of Devon Energy from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, November 13th. Finally, Morgan Stanley upped their price target on Devon Energy from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, December 11th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $44.62.

Devon Energy Trading Up 0.9%

NYSE:DVN opened at $36.87 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.87. Devon Energy has a 12-month low of $25.89 and a 12-month high of $38.88. The business has a 50 day simple moving average of $35.68 and a 200 day simple moving average of $34.47. The firm has a market capitalization of $23.13 billion, a P/E ratio of 8.65, a P/E/G ratio of 3.10 and a beta of 0.60.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, November 5th. The energy company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.93 by $0.11. The firm had revenue of $0.00 million during the quarter, compared to analysts’ expectations of $4.10 billion. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. During the same quarter in the prior year, the firm earned $1.10 EPS. Equities research analysts predict that Devon Energy will post 4.85 EPS for the current year.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DVN. TD Asset Management Inc grew its stake in Devon Energy by 6.4% in the 2nd quarter. TD Asset Management Inc now owns 267,322 shares of the energy company’s stock worth $8,504,000 after buying an additional 16,106 shares in the last quarter. Natixis raised its holdings in Devon Energy by 101.4% during the 2nd quarter. Natixis now owns 73,902 shares of the energy company’s stock valued at $2,351,000 after buying an additional 37,211 shares during the last quarter. Stephens Inc. AR increased its holdings in Devon Energy by 90.4% during the 2nd quarter. Stephens Inc. AR now owns 72,546 shares of the energy company’s stock valued at $2,308,000 after purchasing an additional 34,448 shares during the period. Scott & Selber Inc. purchased a new position in shares of Devon Energy during the second quarter valued at approximately $2,455,000. Finally, CWM LLC lifted its position in shares of Devon Energy by 70.0% in the 3rd quarter. CWM LLC now owns 336,861 shares of the energy company’s stock worth $11,810,000 after purchasing an additional 138,717 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

About Devon Energy

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.