Truist Financial Cuts Devon Energy (NYSE:DVN) Price Target to $49.00

Devon Energy (NYSE:DVN) had its price objective lowered by equities researchers at Truist Financial from $60.00 to $49.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the energy company’s stock. Truist Financial’s price target would suggest a potential upside of 25.45% from the stock’s previous close.

DVN has been the topic of a number of other research reports. Wells Fargo & Company decreased their target price on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 14th. Wolfe Research initiated coverage on Devon Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a report on Tuesday, September 3rd. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. Finally, Piper Sandler cut their price target on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.06.

Devon Energy Price Performance

NYSE:DVN traded up $0.10 during trading hours on Monday, hitting $39.06. 1,771,231 shares of the stock traded hands, compared to its average volume of 7,170,317. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. Devon Energy has a 1 year low of $37.76 and a 1 year high of $55.09. The company has a market cap of $24.69 billion, a price-to-earnings ratio of 7.47, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03. The stock has a 50 day moving average price of $43.21 and a 200 day moving average price of $47.07.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same period in the prior year, the firm earned $1.18 earnings per share. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. Sell-side analysts forecast that Devon Energy will post 5.11 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Lazari Capital Management Inc. grew its position in Devon Energy by 42.7% during the second quarter. Lazari Capital Management Inc. now owns 31,507 shares of the energy company’s stock valued at $1,493,000 after buying an additional 9,423 shares during the period. Sanctuary Advisors LLC purchased a new stake in Devon Energy in the second quarter valued at approximately $19,139,000. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Devon Energy during the second quarter worth approximately $711,000. Dana Investment Advisors Inc. raised its stake in shares of Devon Energy by 117.3% during the second quarter. Dana Investment Advisors Inc. now owns 23,329 shares of the energy company’s stock worth $1,106,000 after acquiring an additional 12,593 shares in the last quarter. Finally, SPC Financial Inc. grew its holdings in shares of Devon Energy by 19.1% in the second quarter. SPC Financial Inc. now owns 13,615 shares of the energy company’s stock worth $645,000 after purchasing an additional 2,186 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.