Devon Energy (NYSE:DVN) Price Target Cut to $50.00

Devon Energy (NYSE:DVN) had its target price cut by research analysts at Wells Fargo & Company from $55.00 to $50.00 in a report released on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the energy company’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 25.57% from the stock’s previous close.

Several other brokerages have also issued reports on DVN. Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a report on Tuesday, September 3rd. Evercore ISI reduced their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday. Wolfe Research started coverage on Devon Energy in a report on Thursday, July 18th. They set a “peer perform” rating for the company. UBS Group reduced their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Finally, Scotiabank reduced their target price on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Seven research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.41.

Devon Energy Stock Up 1.8 %

NYSE:DVN traded up $0.70 on Tuesday, hitting $39.82. 9,156,651 shares of the company’s stock traded hands, compared to its average volume of 7,229,314. 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 has a 1 year low of $37.76 and a 1 year high of $55.09. The firm has a 50-day moving average price of $43.06 and a 200-day moving average price of $47.00. The company has a market cap of $25.17 billion, a PE ratio of 7.61, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter in the previous year, the business posted $1.18 EPS. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. Equities analysts anticipate that Devon Energy will post 5.11 EPS for the current fiscal year.

Institutional Trading of Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of DVN. Triad Wealth Partners LLC bought a new stake in shares of Devon Energy during the second quarter valued at approximately $27,000. Tradewinds Capital Management LLC bought a new stake in shares of Devon Energy during the first quarter valued at approximately $30,000. Jones Financial Companies Lllp increased its position in shares of Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after purchasing an additional 374 shares during the period. 1620 Investment Advisors Inc. bought a new stake in shares of Devon Energy during the second quarter valued at approximately $34,000. Finally, PSI Advisors LLC increased its position in shares of Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after purchasing an additional 300 shares during the period. 69.72% of the stock is currently owned by institutional investors.

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.