Devon Energy (NYSE:DVN) Price Target Lowered to $48.00 at BMO Capital Markets

Devon Energy (NYSE:DVN) had its price target lowered by research analysts at BMO Capital Markets from $52.00 to $48.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the energy company’s stock. BMO Capital Markets’ price objective indicates a potential upside of 13.21% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Wolfe Research assumed coverage on Devon Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Morgan Stanley cut their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Scotiabank decreased their price target on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Piper Sandler reduced their price objective 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. Finally, Evercore ISI lowered their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday. Eight research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.79.

Devon Energy Price Performance

Shares of NYSE:DVN traded up $0.61 during trading on Friday, reaching $42.40. 5,156,941 shares of the company traded hands, compared to its average volume of 7,264,662. 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 52 week low of $37.76 and a 52 week high of $55.09. The firm has a market capitalization of $26.80 billion, a PE ratio of 8.09, a PEG ratio of 1.22 and a beta of 2.02. The company’s 50 day moving average is $42.74 and its two-hundred day moving average is $46.87.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period last year, the firm posted $1.18 earnings per share. As a group, sell-side analysts predict that Devon Energy will post 5.11 earnings per share for the current year.

Hedge Funds Weigh In On Devon Energy

Several large investors have recently bought and sold shares of DVN. Triad Wealth Partners LLC bought a new position in shares of Devon Energy during the second quarter valued at about $27,000. Tradewinds Capital Management LLC purchased a new stake in shares of Devon Energy during the first quarter valued at approximately $30,000. Jones Financial Companies Lllp lifted its holdings in Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares during the period. 1620 Investment Advisors Inc. bought a new position in Devon Energy in the 2nd quarter valued at $34,000. Finally, PSI Advisors LLC increased its position in shares of Devon Energy by 66.7% during the 2nd 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 last quarter. 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.