Devon Energy (NYSE:DVN) Price Target Raised to $57.00

Devon Energy (NYSE:DVN) had its target price hoisted by Wolfe Research from $49.00 to $57.00 in a research note issued to investors on Tuesday,MarketScreener reports. Wolfe Research’s price objective suggests a potential upside of 40.82% from the company’s current price.

A number of other research analysts have also commented on the company. Zacks Research lowered Devon Energy from a “hold” rating to a “strong sell” rating in a research report on Monday, January 26th. The Goldman Sachs Group lifted their price objective on Devon Energy from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. Sanford C. Bernstein decreased their price objective on shares of Devon Energy from $48.00 to $42.00 and set an “outperform” rating for the company in a report on Monday, January 5th. Susquehanna upped their price objective on Devon Energy from $45.00 to $47.00 and gave the company a “positive” rating in a research report on Tuesday. Finally, Argus upgraded Devon Energy to a “strong-buy” rating in a research note on Wednesday, November 26th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus target price of $45.55.

Devon Energy Stock Performance

DVN traded up $0.34 during trading on Tuesday, hitting $40.48. 2,776,908 shares of the company traded hands, compared to its average volume of 10,292,954. The company has a quick ratio of 0.87, a current ratio of 0.96 and a debt-to-equity ratio of 0.48. The firm has a market cap of $25.39 billion, a P/E ratio of 9.57, a price-to-earnings-growth ratio of 3.66 and a beta of 0.60. Devon Energy has a one year low of $25.89 and a one year high of $41.31. The stock’s fifty day moving average is $37.07 and its 200 day moving average is $35.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.11. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. The company had revenue of $0.00 million for the quarter, compared to analyst estimates of $4.10 billion. During the same quarter in the previous year, the firm posted $1.10 earnings per share. As a group, equities analysts predict that Devon Energy will post 4.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

Large investors have recently added to or reduced their stakes in the company. Aprio Wealth Management LLC boosted its holdings in Devon Energy by 4.1% in the 3rd quarter. Aprio Wealth Management LLC now owns 7,521 shares of the energy company’s stock worth $264,000 after buying an additional 297 shares during the period. Accredited Wealth Management LLC grew its position in shares of Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after purchasing an additional 308 shares in the last quarter. Lindenwold Advisors INC grew its position in shares of Devon Energy by 1.2% during the third quarter. Lindenwold Advisors INC now owns 27,094 shares of the energy company’s stock worth $950,000 after purchasing an additional 314 shares in the last quarter. OneDigital Investment Advisors LLC raised its stake in Devon Energy by 2.6% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 12,620 shares of the energy company’s stock valued at $442,000 after purchasing an additional 318 shares during the period. Finally, Yousif Capital Management LLC lifted its holdings in Devon Energy by 0.4% in the 2nd quarter. Yousif Capital Management LLC now owns 87,272 shares of the energy company’s stock worth $2,776,000 after purchasing an additional 321 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Key Stories Impacting Devon Energy

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Scotiabank raised its price target on Devon from $41 to $45 (sector perform), implying roughly a mid?teens upside from the recent open; that analyst action is providing fresh buy?side momentum. Benzinga: Scotiabank raises PT
• Positive Sentiment: The announced $58B all?stock merger with Coterra is being pitched as creating a top U.S. shale operator with scale, a stronger Delaware Basin position and potential cost synergies—fundamental drivers that can support a higher multi?year valuation. BusinessWire: Devon & Coterra combine
• Neutral Sentiment: Major business press is broadly covering the deal (WSJ, Forbes, Seeking Alpha), which increases visibility and may attract longer?term investors even as short?term trading remains choppy. Forbes: Merge coverage
• Negative Sentiment: Several shareholder?rights firms have opened investigations into whether the merger is fair to Devon holders; that litigation and governance scrutiny can introduce deal risk, legal costs and uncertainty. PR Newswire: Kimmeridge comment
• Negative Sentiment: Investor?rights firms (Halper Sadeh, Monteverde & Associates) separately announced probes into the transaction’s fairness; these announcements have been cited by traders as a reason for early selling pressure. BusinessWire: Halper Sadeh investigation
• Negative Sentiment: Market reaction to the deal was mixed: some coverage and data services reported that DVN and CTRA shares initially slid on the announcement as investors assessed share?exchange terms and near?term dilution. That early weakness is contributing to volatility today. TipRanks: Stocks slide on merger

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.