Truist Financial Issues Pessimistic Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price objective lowered by research analysts at Truist Financial from $66.00 to $61.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the energy company’s stock. Truist Financial’s target price suggests a potential upside of 44.06% from the company’s previous close.

A number of other research analysts have also commented on DVN. Mizuho upped their price target on Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. The Goldman Sachs Group lowered their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Argus boosted their target price on shares of Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, June 10th. Morgan Stanley dropped their target price on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a research report on Friday, June 26th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Devon Energy in a research note on Thursday, June 11th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.56.

Devon Energy Trading Down 2.2%

Devon Energy stock opened at $42.34 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The business’s 50-day simple moving average is $45.16 and its 200-day simple moving average is $43.79. The firm has a market capitalization of $26.31 billion, a PE ratio of 11.84 and a beta of 0.38. Devon Energy has a 52 week low of $31.45 and a 52 week high of $52.71.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same period in the prior year, the firm posted $0.82 EPS. Devon Energy’s revenue for the quarter was down 14.5% on a year-over-year basis. Equities research analysts forecast that Devon Energy will post 4.81 earnings per share for the current year.

Insider Activity

In related news, SVP Adam M. Vela sold 24,342 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the transaction, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 112,371 shares of company stock worth $5,258,059. Company insiders own 4.58% of the company’s stock.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in DVN. Woodline Partners LP grew its position in Devon Energy by 98.8% in the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after acquiring an additional 57,555 shares during the period. Sivia Capital Partners LLC bought a new stake in shares of Devon Energy in the 2nd quarter worth about $403,000. Jump Financial LLC grew its holdings in shares of Devon Energy by 58.8% in the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after purchasing an additional 10,464 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Devon Energy by 17.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after purchasing an additional 22,482 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in Devon Energy by 6.0% during the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock valued at $4,586,000 after purchasing an additional 8,127 shares during the last quarter. 69.72% of the stock is owned by 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.