TD Cowen Raises Devon Energy (NYSE:DVN) Price Target to $50.00

Devon Energy (NYSE:DVN) had its price target upped by equities research analysts at TD Cowen from $46.00 to $50.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “hold” rating on the energy company’s stock. TD Cowen’s target price points to a potential upside of 5.96% from the company’s current price.

Several other research firms have also recently weighed in on DVN. Zacks Research raised shares of Devon Energy from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Sanford C. Bernstein reduced their price objective on Devon Energy from $48.00 to $42.00 and set an “outperform” rating for the company in a report on Monday, January 5th. Morgan Stanley lowered their target price on Devon Energy from $48.00 to $46.00 and set an “overweight” rating on the stock in a research note on Friday, January 23rd. Argus lifted their price target on Devon Energy from $41.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Finally, Scotiabank reduced their price target on Devon Energy from $45.00 to $41.00 and set a “sector perform” rating for the company in a research note on Monday, February 23rd. Twenty-three investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.96.

Devon Energy Stock Performance

Devon Energy stock traded up $0.54 during mid-day trading on Tuesday, hitting $47.19. 4,144,391 shares of the company’s stock traded hands, compared to its average volume of 12,216,488. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.90. The firm has a 50 day simple moving average of $41.49 and a two-hundred day simple moving average of $37.33. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $47.31. The stock has a market cap of $29.26 billion, a price-to-earnings ratio of 11.31, a P/E/G ratio of 4.43 and a beta of 0.56.

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

Institutional Investors Weigh In On Devon Energy

Large investors have recently added to or reduced their stakes in the stock. Allianz Asset Management GmbH raised its position in Devon Energy by 4.3% during the third quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company’s stock valued at $29,210,000 after purchasing an additional 33,974 shares in the last quarter. Greatmark Investment Partners Inc. boosted its holdings in shares of Devon Energy by 5.6% in the 3rd quarter. Greatmark Investment Partners Inc. now owns 571,925 shares of the energy company’s stock valued at $20,052,000 after purchasing an additional 30,435 shares in the last quarter. Canada Post Corp Registered Pension Plan increased its stake in shares of Devon Energy by 298.1% in the 3rd quarter. Canada Post Corp Registered Pension Plan now owns 42,351 shares of the energy company’s stock valued at $1,585,000 after purchasing an additional 31,713 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Devon Energy by 5.0% during the 3rd quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock worth $415,319,000 after buying an additional 560,652 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Devon Energy by 4.2% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,451,792 shares of the energy company’s stock worth $50,900,000 after buying an additional 57,947 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.