Piper Sandler Has Lowered Expectations for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its target price dropped by analysts at Piper Sandler from $57.00 to $53.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the energy company’s stock. Piper Sandler’s price objective suggests a potential upside of 66.04% from the company’s previous close.

DVN has been the subject of several other research reports. UBS Group decreased 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. Susquehanna lowered their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Morgan Stanley cut their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a report on Monday. Finally, Raymond James reduced their price objective on Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $50.05.

Devon Energy Stock Performance

DVN traded down $0.67 during trading hours on Tuesday, hitting $31.92. The company’s stock had a trading volume of 6,599,580 shares, compared to its average volume of 7,584,661. Devon Energy has a fifty-two week low of $31.85 and a fifty-two week high of $55.09. The firm has a market capitalization of $20.97 billion, a PE ratio of 5.92, a PEG ratio of 1.10 and a beta of 1.99. The company has a 50-day simple moving average of $38.54 and a 200 day simple moving average of $42.43. 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 (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the company earned $1.65 EPS. Devon Energy’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, sell-side analysts expect that Devon Energy will post 4.79 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. 1620 Investment Advisors Inc. bought a new position in Devon Energy during the second quarter valued at about $34,000. Capital Performance Advisors LLP bought a new position in shares of Devon Energy in the 3rd quarter valued at approximately $35,000. PSI Advisors LLC lifted its holdings in Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after purchasing an additional 300 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in Devon Energy during the third quarter worth approximately $39,000. Finally, True Wealth Design LLC grew its holdings in Devon Energy by 3,889.3% during the third 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. Institutional investors and hedge funds 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.