Raymond James Cuts Devon Energy (NYSE:DVN) Price Target to $46.00

Devon Energy (NYSE:DVN) had its price target cut by research analysts at Raymond James from $54.00 to $46.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the energy company’s stock. Raymond James’ target price points to a potential upside of 33.74% from the stock’s current price.

Several other equities research analysts have also recently weighed in on DVN. Wells Fargo & Company cut their price objective 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, December 17th. Mizuho lowered their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Susquehanna upped their target price on Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a research note on Thursday, February 20th. Benchmark reiterated a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a research note on Thursday, February 20th. Finally, Piper Sandler upped their price objective on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Devon Energy Stock Performance

NYSE:DVN opened at $34.40 on Monday. The stock has a 50 day simple moving average of $35.32 and a 200 day simple moving average of $37.49. The stock has a market cap of $22.32 billion, a P/E ratio of 7.54, a PEG ratio of 1.20 and a beta of 1.91. Devon Energy has a 1-year low of $30.39 and a 1-year high of $55.09. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.16. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Research analysts anticipate that Devon Energy will post 4.85 earnings per share for the current year.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently made changes to their positions in the stock. Hurley Capital LLC acquired a new position in shares of Devon Energy in the fourth quarter worth approximately $26,000. Accredited Wealth Management LLC bought a new position in Devon Energy during the 4th quarter worth approximately $28,000. Capital Performance Advisors LLP bought a new position in Devon Energy during the 3rd quarter worth approximately $35,000. Cromwell Holdings LLC lifted its position in shares of Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after purchasing an additional 598 shares during the period. Finally, Sierra Ocean LLC bought a new stake in shares of Devon Energy in the 4th quarter valued at $43,000. Institutional investors own 69.72% of the company’s stock.

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.