Devon Energy (NYSE:DVN) Price Target Cut to $51.00

Devon Energy (NYSE:DVN) had its price objective reduced by Mizuho from $53.00 to $51.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the energy company’s stock. Mizuho’s price objective suggests a potential upside of 18.96% from the company’s previous close.

A number of other equities research analysts have also issued reports on the company. Susquehanna dropped their target price on Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. Evercore ISI lowered their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. Wells Fargo & Company reduced their target price on shares of Devon Energy from $55.00 to $50.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. Wolfe Research assumed coverage on shares of Devon Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Finally, Jefferies Financial Group initiated coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 price objective for the company. Eight analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.63.

Devon Energy Stock Up 2.2 %

Devon Energy stock opened at $42.87 on Wednesday. Devon Energy has a twelve month low of $37.76 and a twelve month high of $55.09. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The company has a 50 day moving average of $42.36 and a 200-day moving average of $46.66. The stock has a market capitalization of $27.09 billion, a PE ratio of 8.18, a price-to-earnings-growth ratio of 1.22 and a beta of 2.02.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the company earned $1.18 EPS. The company’s revenue was up 13.4% on a year-over-year basis. On average, equities research analysts anticipate that Devon Energy will post 5.11 EPS for the current fiscal year.

Institutional Trading of Devon Energy

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Salem Investment Counselors Inc. boosted its holdings in shares of Devon Energy by 31.4% during the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after acquiring an additional 199 shares during the period. Retirement Group LLC boosted its stake in Devon Energy by 21.8% in the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after purchasing an additional 199 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its stake in Devon Energy by 7.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after purchasing an additional 209 shares during the period. MCF Advisors LLC grew its holdings in Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after buying an additional 215 shares in the last quarter. Finally, Annex Advisory Services LLC increased its position in Devon Energy by 0.8% during the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after buying an additional 223 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.