Devon Energy (NYSE:DVN) PT Lowered to $64.00

Devon Energy (NYSE:DVNGet Free Report) had its price objective reduced by equities researchers at Truist Financial from $67.00 to $64.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the energy company’s stock. Truist Financial’s target price would suggest a potential upside of 39.43% from the company’s current price.

DVN has been the subject of several other reports. Morgan Stanley increased their price target on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday. Citigroup increased their price target on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. Stifel Nicolaus raised their target price on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. JPMorgan Chase & Co. raised their target price on Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a report on Monday. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $60.00.

Read Our Latest Research Report on Devon Energy

Devon Energy Stock Down 0.3 %

Shares of NYSE DVN opened at $45.90 on Tuesday. The stock has a market cap of $29.01 billion, a PE ratio of 8.76, a price-to-earnings-growth ratio of 1.23 and a beta of 2.07. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy has a 52-week low of $40.47 and a 52-week high of $55.09. The business has a 50-day moving average price of $47.94 and a 200 day moving average price of $47.02.

Devon Energy (NYSE:DVNGet Free Report) last announced its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same period last year, the business posted $1.46 EPS. The company’s revenue was down 5.9% on a year-over-year basis. Equities research analysts forecast that Devon Energy will post 5.25 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.73% of the stock is currently owned by company insiders.

Institutional Trading of Devon Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DVN. Vanguard Group Inc. grew its holdings in shares of Devon Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after purchasing an additional 2,559,039 shares during the period. Raymond James & Associates grew its holdings in shares of Devon Energy by 8.9% during the 1st quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after purchasing an additional 736,449 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Devon Energy by 0.8% during the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after purchasing an additional 68,339 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after purchasing an additional 1,488,374 shares during the period. Finally, Pacer Advisors Inc. grew its holdings in shares of Devon Energy by 1,279.7% during the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after purchasing an additional 5,700,167 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

About Devon Energy

(Get Free Report)

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.

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