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

Devon Energy (NYSE:DVN) had its price objective decreased by stock analysts at Raymond James from $58.00 to $51.00 in a report issued on Tuesday. Raymond James’ target price suggests a potential upside of 27.47% from the stock’s previous close.

DVN has been the subject of a number of other reports. Sanford C. Bernstein dropped their target price on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. TD Cowen decreased their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday. UBS Group lowered their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Finally, Wells Fargo & Company reaffirmed a “sector outperform” rating on shares of Devon Energy in a research note on Friday, October 18th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.15.

Devon Energy Stock Up 1.7 %

Shares of DVN opened at $40.01 on Tuesday. The business’s 50 day simple moving average is $40.81 and its 200-day simple moving average is $45.06. Devon Energy has a one year low of $37.76 and a one year high of $55.09. The company has a market capitalization of $25.05 billion, a P/E ratio of 7.42, a PEG ratio of 1.18 and a beta of 2.03. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping 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 company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the business earned $1.65 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, sell-side analysts predict that Devon Energy will post 4.93 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. William B. Walkup & Associates Inc. bought a new position in shares of Devon Energy during the 2nd quarter valued at about $1,026,000. Gordian Capital Singapore Pte Ltd acquired a new stake in Devon Energy during the 2nd quarter worth approximately $711,000. New York State Teachers Retirement System lifted its stake in Devon Energy by 14.2% in the third quarter. New York State Teachers Retirement System now owns 704,831 shares of the energy company’s stock valued at $27,573,000 after buying an additional 87,462 shares in the last quarter. CWM LLC boosted its holdings in shares of Devon Energy by 73.4% in the third quarter. CWM LLC now owns 38,969 shares of the energy company’s stock valued at $1,524,000 after buying an additional 16,490 shares during the period. Finally, J.W. Cole Advisors Inc. increased its position in shares of Devon Energy by 11.9% during the third quarter. J.W. Cole Advisors Inc. now owns 120,800 shares of the energy company’s stock worth $4,726,000 after acquiring an additional 12,882 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

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.