Piper Sandler Has Lowered Expectations for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price target lowered by equities research analysts at Piper Sandler from $57.00 to $53.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the energy company’s stock. Piper Sandler’s target price points to a potential upside of 70.42% from the company’s previous close.

DVN has been the topic of a number of other reports. JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target on the stock. in a research report on Thursday, December 5th. TD Cowen reduced their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Wells Fargo & Company decreased their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday. Truist Financial lowered Devon Energy from a “buy” rating to a “hold” rating and cut their price objective for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. Finally, Raymond James decreased their target price on Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Twelve research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $50.05.

Devon Energy Trading Down 3.3 %

DVN stock opened at $31.10 on Tuesday. Devon Energy has a 52 week low of $31.07 and a 52 week high of $55.09. The company has a market cap of $20.43 billion, a price-to-earnings ratio of 5.77, a PEG ratio of 1.10 and a beta of 1.99. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The business has a fifty day simple moving average of $38.14 and a 200-day simple moving average of $42.24.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.65 earnings per share. On average, equities research analysts expect that Devon Energy will post 4.79 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. 1620 Investment Advisors Inc. bought a new stake in Devon Energy in the second quarter valued at $34,000. Capital Performance Advisors LLP acquired a new stake in shares of Devon Energy in the 3rd quarter worth about $35,000. PSI Advisors LLC lifted its position in Devon Energy by 66.7% in 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. Future Financial Wealth Managment LLC acquired a new position in Devon Energy during the 3rd quarter valued at about $39,000. Finally, True Wealth Design LLC grew its position in Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 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.