Devon Energy (NYSE:DVN) Price Target Cut to $51.00

Devon Energy (NYSE:DVN) had its target price dropped by Morgan Stanley from $55.00 to $51.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the energy company’s stock. Morgan Stanley’s price target indicates a potential upside of 26.02% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Piper Sandler dropped their target price on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Susquehanna dropped their target price on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a research note on Wednesday, September 4th. Truist Financial dropped their target price on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a research note on Tuesday, July 9th. StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Finally, Wells Fargo & Company dropped their price objective on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 14th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $57.63.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $40.47 on Monday. The company has a market capitalization of $25.58 billion, a price-to-earnings ratio of 7.72, a PEG ratio of 1.13 and a beta of 2.03. Devon Energy has a 12 month low of $39.02 and a 12 month high of $55.09. The firm’s 50-day moving average is $44.50 and its 200 day moving average is $47.42. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.18 EPS. Research analysts predict that Devon Energy will post 5.36 EPS for the current year.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of DVN. Vanguard Group Inc. lifted its position in Devon Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after acquiring an additional 2,559,039 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Devon Energy by 16.8% in the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after buying an additional 1,428,776 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of Devon Energy by 7,165.6% in the second quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock worth $65,234,000 after buying an additional 1,357,311 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Devon Energy by 16.7% in the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after buying an additional 1,255,543 shares during the last quarter. Finally, National Bank of Canada FI raised its holdings in shares of Devon Energy by 447.6% in the second quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock worth $56,299,000 after buying an additional 964,147 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.