Devon Energy (NYSE:DVN) Given New $60.00 Price Target at Susquehanna

Devon Energy (NYSE:DVN) had its price objective decreased by equities researchers at Susquehanna from $63.00 to $60.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “positive” rating on the energy company’s stock. Susquehanna‘s target price indicates a potential upside of 42.10% from the company’s current price.

DVN has been the subject of a number of other research reports. Argus restated a “buy” rating and set a $45.85 price objective on shares of Devon Energy in a report on Monday, August 17th. Weiss Ratings upgraded shares of Devon Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Stifel Nicolaus started coverage on shares of Devon Energy in a research report on Thursday, September 10th. They set a “buy” rating and a $61.00 target price for the company. Morgan Stanley raised their price target on shares of Devon Energy from $63.00 to $65.00 and gave the stock an “overweight” rating in a research note on Thursday, October 15th. Finally, Mizuho lowered their price target on shares of Devon Energy from $68.00 to $65.00 and set an “outperform” rating on the stock in a report on Friday, October 16th. Two analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $60.49.

Devon Energy Stock Up 0.0%

DVN stock opened at $42.22 on Monday. The stock has a market cap of $46.45 billion, a P/E ratio of 10.56, a P/E/G ratio of 1.10 and a beta of 0.43. The company has a current ratio of 0.70, a quick ratio of 0.65 and a debt-to-equity ratio of 0.23. The stock’s fifty day simple moving average is $48.64 and its two-hundred day simple moving average is $46.04. Devon Energy has a 1-year low of $32.49 and a 1-year high of $52.71.

Devon Energy (NYSE:DVN) last announced its earnings results on Thursday, November 5th. The energy company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.09. The firm had revenue of $6.86 billion during the quarter, compared to analyst estimates of $6.57 billion. Devon Energy had a return on equity of 14.86% and a net margin of 16.22%. The business’s revenue was up 66.5% compared to the same quarter last year. During the same period last year, the firm posted $1.04 EPS. Analysts expect that Devon Energy will post 5.49 EPS for the current year.

Insider Activity

In related news, EVP Robert Ferrall Lowe III sold 6,756 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $50.95, for a total transaction of $344,218.20. Following the sale, the executive vice president directly owned 72,720 shares in the company, valued at approximately $3,705,084. This represents a 8.50% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Clay M. Gaspar acquired 3,913 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The stock was acquired at an average cost of $51.08 per share, with a total value of $199,876.04. Following the completion of the acquisition, the chief executive officer owned 619,152 shares in the company, valued at $31,626,284.16. This trade represents a 0.64% increase in their position. The disclosure for this purchase is available in the SEC filing. 4.58% of the stock is owned by company insiders.

Institutional Investors Weigh In On Devon Energy

Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased its position in shares of Devon Energy by 57.6% during the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock valued at $3,941,054,000 after buying an additional 34,871,366 shares during the period. State Street Corp lifted its holdings in shares of Devon Energy by 89.8% in the second quarter. State Street Corp now owns 73,179,266 shares of the energy company’s stock worth $3,023,767,000 after buying an additional 34,615,088 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Devon Energy by 418.3% in the second quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock valued at $2,128,905,000 after acquiring an additional 41,581,435 shares during the period. Bank of America Corp DE bought a new position in shares of Devon Energy in the second quarter valued at approximately $421,226,000. Finally, GQG Partners LLC purchased a new position in Devon Energy during the second quarter valued at approximately $402,558,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market.

Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins.

The company’s portfolio has evolved through acquisitions and asset sales over its history.