Devon Energy (NYSE:DVN) Price Target Lowered to $42.00 at Truist Financial

Devon Energy (NYSE:DVN) had its target price lowered by equities research analysts at Truist Financial from $43.00 to $42.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the energy company’s stock. Truist Financial’s price target would indicate a potential upside of 12.84% from the stock’s current price.

Several other analysts have also recently issued reports on the company. Raymond James dropped their target price on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Piper Sandler dropped their target price on Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Wells Fargo & Company dropped their target price on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. BMO Capital Markets dropped their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Finally, Morgan Stanley dropped their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.18.

Devon Energy Stock Up 1.2 %

NYSE DVN opened at $37.22 on Monday. The business has a fifty day moving average price of $35.58 and a 200 day moving average price of $40.49. Devon Energy has a one year low of $30.39 and a one year high of $55.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The company has a market cap of $24.45 billion, a P/E ratio of 6.91, a P/E/G ratio of 1.07 and a beta of 2.00.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the company earned $1.65 EPS. Research analysts anticipate that Devon Energy will post 4.79 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of DVN. American Century Companies Inc. boosted its holdings in Devon Energy by 122.8% during the 2nd quarter. American Century Companies Inc. now owns 1,309,949 shares of the energy company’s stock valued at $62,092,000 after acquiring an additional 721,978 shares during the period. DekaBank Deutsche Girozentrale raised its position in Devon Energy by 5.1% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 224,898 shares of the energy company’s stock valued at $10,576,000 after purchasing an additional 10,940 shares in the last quarter. Federated Hermes Inc. raised its position in Devon Energy by 29.3% in the 2nd quarter. Federated Hermes Inc. now owns 265,282 shares of the energy company’s stock valued at $12,574,000 after purchasing an additional 60,130 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Devon Energy by 0.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 315,446 shares of the energy company’s stock valued at $14,952,000 after purchasing an additional 1,591 shares in the last quarter. Finally, Keene & Associates Inc. raised its position in Devon Energy by 1.0% in the 2nd quarter. Keene & Associates Inc. now owns 72,101 shares of the energy company’s stock valued at $3,418,000 after purchasing an additional 696 shares in the last quarter. 69.72% of the stock is currently 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.