Truist Financial Issues Pessimistic Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price objective dropped by equities research analysts at Truist Financial from $66.00 to $61.00 in a report issued on Thursday, MarketBeat Ratings reports. The firm currently has a “buy” rating on the energy company’s stock. Truist Financial’s price objective suggests a potential upside of 44.56% from the company’s current price.

Several other equities analysts have also issued reports on the company. Susquehanna boosted their price target on Devon Energy from $52.00 to $57.00 and gave the company a “positive” rating in a research note on Tuesday, April 21st. Scotiabank upped their target price on Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Wells Fargo & Company raised their target price on Devon Energy from $66.00 to $68.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. The Goldman Sachs Group lowered their price target on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Finally, TD Cowen boosted their price target on shares of Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a report on Tuesday, March 17th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $59.56.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $42.20 on Thursday. Devon Energy has a 12 month low of $31.45 and a 12 month high of $52.71. The company has a market cap of $26.22 billion, a P/E ratio of 11.75 and a beta of 0.38. The business’s 50 day moving average is $44.83 and its two-hundred day moving average is $43.82. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company’s revenue was down 14.5% compared to the same quarter last year. During the same period last year, the firm posted $0.82 EPS. On average, equities analysts expect that Devon Energy will post 4.78 EPS for the current year.

Insider Activity at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the sale, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 112,371 shares of company stock valued at $5,258,059 over the last ninety days. 4.58% of the stock is owned by insiders.

Institutional Trading of Devon Energy

Several hedge funds have recently modified their holdings of the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Devon Energy in the 4th quarter worth approximately $25,000. Ameriflex Group Inc. increased its stake in shares of Devon Energy by 702.0% in the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after buying an additional 702 shares during the period. JFS Wealth Advisors LLC raised its position in shares of Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after acquiring an additional 245 shares during the last quarter. MV Capital Management Inc. bought a new stake in shares of Devon Energy during the fourth quarter worth $29,000. Finally, KERR FINANCIAL PLANNING Corp acquired a new position in shares of Devon Energy during the second quarter valued at $29,000. 69.72% of the stock is owned by institutional investors.

Devon Energy News Summary

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Analysts have recently lifted earnings expectations for Devon Energy ahead of its August 4 earnings report, with revisions pointing to year-over-year growth in both earnings and revenue. That kind of estimate momentum can support the stock if investors start focusing more on improving fundamentals than on short-term sector swings. What Devon Energy (DVN)’s Upgraded Earnings Expectations and Estimate Revisions Mean For Shareholders
• Positive Sentiment: Several recent pieces argue Devon Energy still looks reasonably priced, with one analysis calling the stock undervalued after its Coterra notes exchange and another noting the shares still appear cheap relative to earnings and long-term performance. That valuation argument can attract buyers looking for value in energy names. Devon Energy (DVN) Could Be 31% Undervalued On Its Coterra Notes Exchange Devon Energy (DVN) Stock Still Looks Reasonable As Cease Fire Hits Oil
• Neutral Sentiment: RBC Capital initiated coverage with a Hold rating, signaling a wait-and-see stance rather than a strong bullish or bearish call. Devon Energy (DVN) Gets a Hold from RBC Capital
• Neutral Sentiment: Devon also got a lower price target from Truist and JPMorgan, but both firms still appear constructive overall, with Truist keeping a Buy rating. These moves may cap enthusiasm, but they do not signal a major thesis break. Devon Energy (NYSE:DVN) Price Target Cut to $61.00 by Analysts at Truist Financial Devon Energy (NYSE:DVN) Price Target Lowered to $55.00 at JPMorgan Chase & Co.
• Negative Sentiment: Activist investor Kimmeridge criticized Devon’s pace of asset sales after the Coterra transaction, saying the divestment effort is moving too slowly. That kind of public pushback can pressure sentiment if investors worry management is not unlocking value fast enough. Kimmeridge sees Devon Energy’s asset sale effort after Coterra deal as too slow – Bloomberg

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.