Wells Fargo & Company Issues Pessimistic Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price target reduced by equities researchers at Wells Fargo & Company from $49.00 to $43.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the energy company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 38.26% from the stock’s current price.

Several other equities research analysts have also commented on the company. Citigroup cut their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research report on Thursday, December 5th. Jefferies Financial Group started coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price on the stock. Truist Financial downgraded shares of Devon Energy from a “buy” rating to a “hold” rating and decreased their price target for the company from $49.00 to $43.00 in a research note on Thursday, November 7th. Finally, StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Monday. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $50.05.

Devon Energy Stock Performance

Shares of DVN stock opened at $31.10 on Tuesday. The stock has a market capitalization of $20.43 billion, a PE ratio of 5.77, a PEG ratio of 1.10 and a beta of 1.99. The business’s 50 day simple moving average is $38.14 and its 200 day simple moving average is $42.24. 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 has a one year low of $31.07 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. Devon Energy’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.65 earnings per share. As a group, research analysts forecast that Devon Energy will post 4.79 earnings per share for the current year.

Institutional Trading of Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of DVN. 1620 Investment Advisors Inc. purchased a new stake in shares of Devon Energy during the 2nd quarter valued at $34,000. Capital Performance Advisors LLP purchased a new stake in Devon Energy during the third quarter worth about $35,000. PSI Advisors LLC raised its position in Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after acquiring an additional 300 shares during the period. Future Financial Wealth Managment LLC purchased a new position in Devon Energy in the third quarter valued at about $39,000. Finally, True Wealth Design LLC grew its position in shares of Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after acquiring an additional 1,089 shares during the period. 69.72% of the stock is 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.