Devon Energy (NYSE:DVN) Price Target Raised to $67.00

Devon Energy (NYSE:DVN) had its target price upped by research analysts at Piper Sandler from $59.00 to $67.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the energy company’s stock. Piper Sandler’s target price would suggest a potential upside of 45.67% from the company’s current price.

Several other equities analysts have also recently issued reports on DVN. Benchmark reissued a “buy” rating on shares of Devon Energy in a report on Friday, January 16th. Barclays lifted their target price on shares of Devon Energy from $50.00 to $52.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Zacks Research upgraded Devon Energy from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. UBS Group increased their price objective on Devon Energy from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Finally, Sanford C. Bernstein decreased their price objective on Devon Energy from $48.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, January 5th. Twenty-three research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.85.

Devon Energy Stock Performance

Shares of NYSE:DVN traded up $0.64 during trading on Thursday, hitting $46.00. The stock had a trading volume of 9,519,822 shares, compared to its average volume of 11,921,938. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. Devon Energy has a 12-month low of $25.89 and a 12-month high of $46.36. The stock has a market capitalization of $28.52 billion, a price-to-earnings ratio of 11.03, a price-to-earnings-growth ratio of 4.42 and a beta of 0.56. The stock has a 50-day simple moving average of $40.93 and a two-hundred day simple moving average of $37.09.

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

Hedge Funds Weigh In On Devon Energy

Hedge funds have recently bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in Devon Energy during the fourth quarter worth about $25,000. PFS Partners LLC acquired a new position in shares of Devon Energy in the third quarter valued at approximately $25,000. First Horizon Corp purchased a new stake in Devon Energy during the 3rd quarter worth approximately $26,000. Caldwell Trust Co acquired a new stake in Devon Energy during the 2nd quarter worth approximately $25,000. Finally, MV Capital Management Inc. purchased a new position in Devon Energy in the 4th quarter valued at approximately $29,000. 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.