Citigroup Issues Pessimistic Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price objective reduced by investment analysts at Citigroup from $55.00 to $48.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the energy company’s stock. Citigroup’s price target indicates a potential upside of 27.46% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Truist Financial cut shares of Devon Energy from a “buy” rating to a “hold” rating and reduced their target price for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. BMO Capital Markets lowered their target price on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Jefferies Financial Group began coverage on Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 price objective on the stock. Benchmark reiterated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Finally, Susquehanna decreased their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $51.15.

Devon Energy Stock Down 1.6 %

DVN stock traded down $0.61 during mid-day trading on Tuesday, reaching $37.66. The company had a trading volume of 2,393,128 shares, compared to its average volume of 7,419,981. The company has a market capitalization of $24.74 billion, a price-to-earnings ratio of 6.99, a PEG ratio of 1.25 and a beta of 2.03. Devon Energy has a 52 week low of $37.52 and a 52 week high of $55.09. The stock has a 50 day simple moving average of $39.91 and a two-hundred day simple moving average of $43.81. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for 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 business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.65 earnings per share. As a group, equities analysts predict that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors have recently added to or reduced their stakes in DVN. Jacobs Levy Equity Management Inc. purchased a new position in Devon Energy in the 1st quarter worth about $373,000. Tidal Investments LLC boosted its position in shares of Devon Energy by 32.3% during the 1st quarter. Tidal Investments LLC now owns 112,100 shares of the energy company’s stock valued at $5,596,000 after acquiring an additional 27,357 shares during the last quarter. Comerica Bank boosted its holdings in shares of Devon Energy by 8.5% in the 1st quarter. Comerica Bank now owns 238,558 shares of the energy company’s stock worth $11,971,000 after purchasing an additional 18,784 shares during the period. Montchanin Asset Management LLC purchased a new stake in shares of Devon Energy in the first quarter worth approximately $1,670,000. Finally, Citizens Financial Group Inc. RI increased its stake in Devon Energy by 2.6% in the 1st quarter. Citizens Financial Group Inc. RI now owns 9,480 shares of the energy company’s stock worth $476,000 after buying an additional 236 shares during the period. 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.