Mizuho Issues Pessimistic Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price objective dropped by equities researchers at Mizuho from $51.00 to $47.00 in a report issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the energy company’s stock. Mizuho’s price objective would suggest a potential upside of 46.14% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. Jefferies Financial Group began coverage on shares of Devon Energy in a report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target for the company. Scotiabank decreased their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a report on Thursday, December 5th. Barclays decreased their price target on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Finally, Wells Fargo & Company dropped their price objective on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. Twelve analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $50.05.

Devon Energy Stock Down 1.3 %

Devon Energy stock opened at $32.16 on Monday. The firm has a market capitalization of $21.13 billion, a P/E ratio of 5.97, a P/E/G ratio of 1.10 and a beta of 1.99. The stock’s fifty day simple moving average is $38.35 and its 200-day simple moving average is $42.32. Devon Energy has a twelve month low of $31.85 and a twelve month high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the company earned $1.65 EPS. Devon Energy’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, equities analysts expect that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

Institutional investors have recently added to or reduced their stakes in the business. EnCap Energy Capital Fund XI L.P. acquired a new position in shares of Devon Energy during the 3rd quarter valued at about $461,857,000. EnCap Partners GP LLC acquired a new position in Devon Energy during the third quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in Devon Energy during the third quarter worth approximately $230,928,000. International Assets Investment Management LLC raised its stake in Devon Energy by 4,125.7% during the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after purchasing an additional 2,226,983 shares during the period. Finally, Pacer Advisors Inc. boosted its holdings in shares of Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.