Truist Financial Cuts Devon Energy (NYSE:DVN) Price Target to $42.00

Devon Energy (NYSE:DVN) had its price target cut by stock analysts at Truist Financial from $43.00 to $42.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “hold” rating on the energy company’s stock. Truist Financial’s price objective indicates a potential upside of 14.01% from the stock’s current price.

A number of other brokerages have also commented on DVN. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Royal Bank of Canada restated a “sector perform” rating and issued a $50.00 price target on shares of Devon Energy in a research report on Friday. UBS Group lowered their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Jefferies Financial Group initiated coverage on shares of Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price on the stock. Finally, Scotiabank cut their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Eleven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $49.43.

Devon Energy Trading Up 2.4 %

DVN stock traded up $0.85 during mid-day trading on Monday, hitting $36.84. 1,525,944 shares of the company were exchanged, compared to its average volume of 9,767,847. The business has a fifty day simple moving average of $35.62 and a 200-day simple moving average of $40.56. The firm has a market capitalization of $24.20 billion, a P/E ratio of 6.83, a PEG ratio of 1.07 and a beta of 1.99. Devon Energy has a 12-month low of $30.39 and a 12-month high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.65 EPS. On average, equities research analysts predict that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Czech National Bank lifted its stake in Devon Energy by 11.7% in the 4th quarter. Czech National Bank now owns 142,429 shares of the energy company’s stock valued at $4,662,000 after acquiring an additional 14,866 shares in the last quarter. Sugarloaf Wealth Management LLC increased its stake in Devon Energy by 159.0% in the 4th quarter. Sugarloaf Wealth Management LLC now owns 15,717 shares of the energy company’s stock valued at $514,000 after buying an additional 9,648 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Devon Energy by 90.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company’s stock worth $89,170,000 after buying an additional 1,296,590 shares during the last quarter. Hudson Valley Investment Advisors Inc. ADV grew its stake in Devon Energy by 20.8% in the fourth quarter. Hudson Valley Investment Advisors Inc. ADV now owns 6,600 shares of the energy company’s stock valued at $216,000 after purchasing an additional 1,137 shares in the last quarter. Finally, Fortem Financial Group LLC grew its position in shares of Devon Energy by 17.9% in the 4th quarter. Fortem Financial Group LLC now owns 17,576 shares of the energy company’s stock valued at $575,000 after acquiring an additional 2,672 shares during the period. 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.