Devon Energy (NYSE:DVN) Given New $50.00 Price Target at Evercore ISI

Devon Energy (NYSE:DVN) had its price target cut by investment analysts at Evercore ISI from $55.00 to $50.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has an “in-line” rating on the energy company’s stock. Evercore ISI’s target price would indicate a potential upside of 27.88% from the stock’s previous close.

A number of other brokerages also recently commented on DVN. StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Sanford C. Bernstein reduced their price target on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a report on Wednesday, July 17th. Bank of America restated a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. Wells Fargo & Company reduced their target price on Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. Finally, Scotiabank cut their price target on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Seven equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $55.71.

Devon Energy Stock Up 0.4 %

Shares of NYSE DVN traded up $0.14 during midday trading on Monday, reaching $39.10. The company’s stock had a trading volume of 5,114,926 shares, compared to its average volume of 7,188,103. The stock has a 50 day simple moving average of $43.21 and a 200-day simple moving average of $47.07. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $24.71 billion, a price-to-earnings ratio of 7.46, a PEG ratio of 1.22 and a beta of 2.03. Devon Energy has a fifty-two week low of $37.76 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results 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. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter in the previous year, the business earned $1.18 earnings per share. Devon Energy’s quarterly revenue was up 13.4% on a year-over-year basis. Equities research analysts predict that Devon Energy will post 5.11 earnings per share for the current year.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently added to or reduced their stakes in DVN. Vanguard Group Inc. increased its holdings in Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after purchasing an additional 2,559,039 shares during the period. Pacer Advisors Inc. boosted its position in Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after acquiring an additional 1,428,776 shares during the last quarter. Raymond James & Associates grew its holdings in Devon Energy by 1.5% during the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after acquiring an additional 138,919 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Devon Energy by 16.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after acquiring an additional 1,255,543 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its position in shares of Devon Energy by 15.9% during the 2nd quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock valued at $241,456,000 after purchasing an additional 699,743 shares in 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.