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

Devon Energy (NYSE:DVN) had its price target cut by Raymond James from $58.00 to $51.00 in a research note published on Tuesday.

Other analysts also recently issued reports about the company. Evercore ISI decreased their price objective on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. TD Cowen lowered their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday. Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, September 3rd. UBS Group dropped their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Finally, Scotiabank reduced their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.15.

Devon Energy Stock Performance

Devon Energy stock opened at $39.33 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The company has a market capitalization of $24.63 billion, a PE ratio of 7.14, a P/E/G ratio of 1.18 and a beta of 2.03. The company has a 50 day moving average price of $40.92 and a 200-day moving average price of $45.15. Devon Energy has a fifty-two week low of $37.76 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same period in the previous year, the company posted $1.18 EPS. Devon Energy’s revenue was up 13.4% on a year-over-year basis. As a group, equities analysts forecast that Devon Energy will post 4.93 earnings per share for the current year.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently made changes to their positions in DVN. Plato Investment Management Ltd lifted its position in Devon Energy by 44.4% during the 3rd quarter. Plato Investment Management Ltd now owns 102,180 shares of the energy company’s stock worth $3,993,000 after acquiring an additional 31,405 shares during the period. Speece Thorson Capital Group Inc. raised its stake in shares of Devon Energy by 17.6% in the third quarter. Speece Thorson Capital Group Inc. now owns 329,123 shares of the energy company’s stock worth $12,875,000 after purchasing an additional 49,176 shares during the last quarter. MQS Management LLC acquired a new stake in shares of Devon Energy during the third quarter worth about $454,000. RPG Investment Advisory LLC boosted its position in Devon Energy by 3.6% in the third quarter. RPG Investment Advisory LLC now owns 255,079 shares of the energy company’s stock valued at $9,979,000 after buying an additional 8,777 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in Devon Energy by 3.8% in the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after buying an additional 361,968 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.