Devon Energy (NYSE:DVN) Price Target Raised to $55.00

Devon Energy (NYSE:DVN) had its target price increased by equities researchers at Piper Sandler from $54.00 to $55.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the energy company’s stock. Piper Sandler’s target price indicates a potential upside of 47.24% from the stock’s previous close.

Several other equities research analysts have also issued reports on DVN. Truist Financial raised their target price on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday. Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a research note on Friday, January 10th. 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 research note on Friday, January 3rd. Benchmark reissued a “buy” rating and set a $44.00 price target on shares of Devon Energy in a research note on Thursday. 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 research report on Thursday, December 5th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $48.87.

Devon Energy Trading Down 0.4 %

DVN traded down $0.14 on Monday, hitting $37.36. The company had a trading volume of 2,873,413 shares, compared to its average volume of 9,590,099. 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 1.04 and a debt-to-equity ratio of 0.57. The business’s fifty day simple moving average is $34.47 and its 200 day simple moving average is $38.31. The company has a market cap of $24.24 billion, a PE ratio of 8.19, a PEG ratio of 1.20 and a beta of 1.98.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.16. The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Equities research analysts expect that Devon Energy will post 4.85 EPS for the current year.

Hedge Funds Weigh In On Devon Energy

Several institutional investors and hedge funds have recently bought and sold shares of the company. Hurley Capital LLC acquired a new position in shares of Devon Energy during the fourth quarter valued at about $26,000. Accredited Wealth Management LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at $28,000. Capital Performance Advisors LLP purchased a new position in Devon Energy in the 3rd quarter worth $35,000. Cromwell Holdings LLC lifted its position in Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after acquiring an additional 598 shares during the period. Finally, Sierra Ocean LLC acquired a new position in shares of Devon Energy in the fourth quarter valued at about $43,000. 69.72% of the stock is owned by hedge funds and other 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.