Mizuho Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price target increased by Mizuho from $51.00 to $62.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the energy company’s stock. Mizuho’s target price points to a potential upside of 31.13% from the company’s previous close.

A number of other brokerages have also commented on DVN. TD Cowen boosted their price objective on Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a report on Tuesday. Barclays lifted their target price on Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Monday. Sanford C. Bernstein decreased their price target on Devon Energy from $48.00 to $42.00 and set an “outperform” rating for the company in a report on Monday, January 5th. UBS Group raised 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, Morgan Stanley cut their price objective on shares of Devon Energy from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, January 23rd. Twenty-three research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $49.37.

Devon Energy Stock Up 1.4%

Shares of Devon Energy stock traded up $0.63 during trading hours on Tuesday, reaching $47.28. The company’s stock had a trading volume of 8,599,064 shares, compared to its average volume of 12,308,057. The company has a market capitalization of $29.31 billion, a P/E ratio of 11.34, a P/E/G ratio of 4.43 and a beta of 0.56. The stock’s fifty day simple moving average is $41.49 and its two-hundred day simple moving average is $37.33. Devon Energy has a one year low of $25.89 and a one year high of $47.43. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DVN. Tobam lifted its position in shares of Devon Energy by 16.4% in the fourth quarter. Tobam now owns 1,633 shares of the energy company’s stock worth $60,000 after purchasing an additional 230 shares in the last quarter. TD Private Client Wealth LLC raised its holdings in Devon Energy by 3.4% during the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after buying an additional 236 shares in the last quarter. Catalyst Financial Partners LLC boosted its position in Devon Energy by 3.9% during the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock worth $246,000 after purchasing an additional 254 shares during the period. Cary Street Partners Investment Advisory LLC grew its holdings in Devon Energy by 21.0% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock valued at $54,000 after purchasing an additional 257 shares during the last quarter. Finally, Zions Bancorporation National Association UT raised its position in shares of Devon Energy by 7.9% in the fourth quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company’s stock valued at $129,000 after purchasing an additional 258 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

About Devon Energy

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.