Piper Sandler Boosts Devon Energy (NYSE:DVN) Price Target to $60.00

Devon Energy (NYSE:DVN) had its price objective raised by Piper Sandler from $59.00 to $60.00 in a report released on Friday, Benzinga reports. The firm currently has an “overweight” rating on the energy company’s stock. Piper Sandler’s price objective indicates a potential upside of 15.72% from the company’s previous close.

Several other equities analysts have also recently weighed in on the stock. UBS Group raised their price target on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Raymond James dropped their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 24th. Mizuho cut their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, January 11th. Stifel Nicolaus reduced their price target on shares of Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. Finally, Scotiabank upped their price objective on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.94.

Devon Energy Price Performance

Shares of DVN traded up $0.42 during mid-day trading on Friday, hitting $51.85. 3,269,285 shares of the company traded hands, compared to its average volume of 7,979,441. The business has a 50-day moving average of $47.69 and a 200 day moving average of $45.86. Devon Energy has a one year low of $40.47 and a one year high of $55.09. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $32.92 billion, a price-to-earnings ratio of 8.89 and a beta of 2.19.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period last year, the firm earned $1.66 earnings per share. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, equities analysts expect that Devon Energy will post 5.14 earnings per share for the current fiscal year.

Institutional Trading of Devon Energy

Several hedge funds have recently added to or reduced their stakes in the stock. Wahed Invest LLC lifted its holdings in Devon Energy by 2.1% during the first quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock valued at $469,000 after purchasing an additional 161 shares during the last quarter. Salem Investment Counselors Inc. lifted its position 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 in the last quarter. Avior Wealth Management LLC grew its position in shares of Devon Energy by 4.9% in the third quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock valued at $210,000 after purchasing an additional 207 shares in the last quarter. MCF Advisors LLC raised its stake in shares of Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after purchasing an additional 215 shares during the period. Finally, Cornerstone Wealth Management LLC lifted its holdings in Devon Energy by 1.9% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after purchasing an additional 218 shares in the last quarter. 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.