Devon Energy (NYSE:DVN) PT Lowered to $46.00

Devon Energy (NYSE:DVN) had its target price reduced by investment analysts at Barclays from $55.00 to $46.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the energy company’s stock. Barclays‘s target price would indicate a potential upside of 8.46% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Piper Sandler reduced their price target on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, September 3rd. Wolfe Research assumed coverage on Devon Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Jefferies Financial Group assumed coverage on Devon Energy in a research report on Thursday. They issued a “hold” rating and a $45.00 price objective for the company. Finally, StockNews.com cut Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Eight analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.79.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $42.41 on Thursday. The stock has a 50 day moving average price of $42.74 and a 200 day moving average price of $46.87. Devon Energy has a 52 week low of $37.76 and a 52 week high of $55.09. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The stock has a market capitalization of $26.80 billion, a PE ratio of 8.06, a price-to-earnings-growth ratio of 1.22 and a beta of 2.02.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same period in the prior year, the firm posted $1.18 earnings per share. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. Analysts predict that Devon Energy will post 5.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently added to or reduced their stakes in the stock. Rockland Trust Co. increased its stake in Devon Energy by 17.9% during the 3rd quarter. Rockland Trust Co. now owns 5,530 shares of the energy company’s stock worth $216,000 after acquiring an additional 840 shares during the period. Czech National Bank grew its position in Devon Energy by 5.9% during the 3rd quarter. Czech National Bank now owns 127,563 shares of the energy company’s stock worth $4,990,000 after acquiring an additional 7,129 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its position in Devon Energy by 13.1% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 3,497 shares of the energy company’s stock worth $137,000 after acquiring an additional 406 shares during the last quarter. M&R Capital Management Inc. lifted its holdings in Devon Energy by 2.1% during the 3rd quarter. M&R Capital Management Inc. now owns 179,265 shares of the energy company’s stock worth $7,013,000 after buying an additional 3,604 shares during the period. Finally, Lazari Capital Management Inc. lifted its holdings in Devon Energy by 42.7% during the 2nd quarter. Lazari Capital Management Inc. now owns 31,507 shares of the energy company’s stock worth $1,493,000 after buying an additional 9,423 shares during the period. Institutional investors 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.