Devon Energy (NYSE:DVN) Price Target Raised to $54.00

Devon Energy (NYSE:DVN) had its price target lifted by equities research analysts at Piper Sandler from $53.00 to $54.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the energy company’s stock. Piper Sandler’s price target would suggest a potential upside of 56.29% from the stock’s current price.

A number of other equities analysts have also weighed in on the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $50.00 target price on shares of Devon Energy in a research note on Friday, January 10th. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Wednesday, January 15th. Benchmark raised Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research report on Tuesday, January 14th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a report on Friday, January 3rd. Finally, JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a report on Thursday, December 5th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $49.45.

Devon Energy Price Performance

Shares of NYSE DVN opened at $34.55 on Wednesday. The firm has a market cap of $22.70 billion, a P/E ratio of 6.41, a price-to-earnings-growth ratio of 1.21 and a beta of 2.00. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy has a 1-year low of $30.39 and a 1-year high of $55.09. The business’s 50 day moving average is $35.14 and its 200-day moving average is $39.70.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.65 earnings per share. Equities research analysts predict that Devon Energy will post 4.7 earnings per share for the current year.

Institutional Trading of Devon Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new stake in Devon Energy in the 3rd quarter valued at about $35,000. Future Financial Wealth Managment LLC acquired a new position in Devon Energy during the 3rd quarter valued at about $39,000. True Wealth Design LLC boosted its stake in Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after purchasing an additional 1,089 shares during the last quarter. Hazlett Burt & Watson Inc. boosted its stake in Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after purchasing an additional 290 shares during the last quarter. Finally, Activest Wealth Management boosted its stake in Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after purchasing an additional 480 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

About Devon Energy

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.