Devon Energy (NYSE:DVN) Price Target Cut to $46.00

Devon Energy (NYSE:DVN) had its target price cut by equities research analysts at Barclays from $55.00 to $46.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the energy company’s stock. Barclays‘s target price suggests a potential upside of 11.84% from the stock’s previous close.

Several other brokerages have also recently weighed in on DVN. Jefferies Financial Group assumed coverage on Devon Energy in a report on Thursday. They issued a “hold” rating and a $45.00 target price for the company. BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. Wolfe Research began coverage on shares of Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Bank of America reaffirmed a “buy” rating and issued a $64.00 price target on shares of Devon Energy in a research report on Friday, June 14th. Finally, Morgan Stanley cut their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Eight investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $54.11.

Devon Energy Trading Up 1.6 %

Shares of DVN traded up $0.63 during trading hours on Thursday, reaching $41.13. 3,584,665 shares of the company traded hands, compared to its average volume of 7,233,090. The stock’s fifty day moving average price is $42.83 and its 200 day moving average price is $46.90. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The firm has a market cap of $25.99 billion, a price-to-earnings ratio of 7.85, a PEG ratio of 1.22 and a beta of 2.02. Devon Energy has a 12-month low of $37.76 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts’ expectations of $3.90 billion. During the same period in the previous year, the company earned $1.18 EPS. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. Sell-side analysts forecast that Devon Energy will post 5.11 earnings per share for the current year.

Institutional Investors Weigh In On Devon Energy

Large investors have recently made changes to their positions in the stock. William B. Walkup & Associates Inc. purchased a new stake in Devon Energy during the 2nd quarter valued at about $1,026,000. Creekmur Asset Management LLC acquired a new position in Devon Energy in the 4th quarter worth approximately $791,000. Wahed Invest LLC raised its position in Devon Energy by 6.3% during the 4th quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock worth $496,000 after buying an additional 648 shares during the last quarter. Tradewinds Capital Management LLC acquired a new stake in Devon Energy during the 1st quarter valued at approximately $30,000. Finally, MCF Advisors LLC boosted its holdings in shares of Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after acquiring an additional 215 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other 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.