Raymond James Lowers Devon Energy (NYSE:DVN) Price Target to $51.00

Devon Energy (NYSE:DVN) had its target price reduced by equities researchers at Raymond James from $58.00 to $51.00 in a research report issued to clients and investors on Tuesday. Raymond James’ price objective indicates a potential upside of 27.47% from the company’s current price.

A number of other research analysts also recently weighed in on the stock. StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. JPMorgan Chase & Co. cut their target price on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Truist Financial decreased their price target on Devon Energy from $60.00 to $49.00 and set a “buy” rating for the company in a research note on Monday, September 30th. BMO Capital Markets cut their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Finally, Wells Fargo & Company reaffirmed a “sector outperform” rating on shares of Devon Energy in a research report on Friday, October 18th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $52.15.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $40.01 on Tuesday. The business has a fifty day simple moving average of $40.81 and a 200 day simple moving average of $45.06. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. Devon Energy has a 1 year low of $37.76 and a 1 year high of $55.09. The firm has a market cap of $25.05 billion, a price-to-earnings ratio of 7.42, a P/E/G ratio of 1.18 and a beta of 2.03.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the company earned $1.65 EPS. The firm’s revenue was up 4.9% on a year-over-year basis. As a group, sell-side analysts predict that Devon Energy will post 4.93 earnings per share for the current fiscal year.

Institutional Trading of Devon Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DVN. Triad Wealth Partners LLC acquired a new stake in Devon Energy during the second quarter valued at approximately $27,000. 1620 Investment Advisors Inc. acquired a new position in shares of Devon Energy in the 2nd quarter worth approximately $34,000. Capital Performance Advisors LLP bought a new position in shares of Devon Energy during the 3rd quarter worth approximately $35,000. PSI Advisors LLC boosted its stake in Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after buying an additional 300 shares in the last quarter. Finally, LRI Investments LLC bought a new stake in Devon Energy in the first quarter valued at $39,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Company Profile

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.