Devon Energy (NYSE:DVN) Given New $62.00 Price Target at Truist Financial

Key Points

• Truist Financial raised its Devon Energy price target to $62 from $61 and maintained a Buy rating, implying about 46.8% upside from the share price cited in the report.
• Analyst sentiment is broadly positive: MarketBeat reports an average rating of “Moderate Buy” and an average price target of $60.53.
• Devon beat quarterly expectations, reporting EPS of $1.42 versus $1.33 expected and revenue of $6.86 billion versus $6.57 billion; revenue increased 66.5% year over year.

Devon Energy (NYSE:DVN - Get Free Report) had its target price raised by stock analysts at Truist Financial from $61.00 to $62.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a "buy" rating on the energy company's stock. Truist Financial's price objective points to a potential upside of 46.84% from the company's current price.

DVN has been the subject of several other research reports. Mizuho reduced their price target on shares of Devon Energy from $68.00 to $65.00 and set an "outperform" rating for the company in a report on Friday, October 16th. Stifel Nicolaus assumed coverage on shares of Devon Energy in a report on Thursday, September 10th. They issued a "buy" rating and a $61.00 price objective on the stock. UBS Group lifted their price objective on shares of Devon Energy from $63.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, October 7th. Scotiabank started coverage on shares of Devon Energy in a research note on Wednesday, October 14th. They set a "sector outperform" rating and a $61.00 target price for the company. Finally, Morgan Stanley upped their target price on shares of Devon Energy from $63.00 to $65.00 and gave the stock an "overweight" rating in a research report on Thursday, October 15th. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $60.53.

Devon Energy Trading Up 0.0%

Shares of NYSE DVN opened at $42.22 on Monday. Devon Energy has a 12-month low of $32.49 and a 12-month high of $52.71. The company has a market cap of $46.45 billion, a price-to-earnings ratio of 10.56, a price-to-earnings-growth ratio of 1.10 and a beta of 0.43. The company has a current ratio of 0.70, a quick ratio of 0.65 and a debt-to-equity ratio of 0.23. The stock's 50 day simple moving average is $48.64 and its 200 day simple moving average is $46.04.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The energy company reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.33 by $0.09. Devon Energy had a return on equity of 14.86% and a net margin of 16.22%. The firm had revenue of $6.86 billion during the quarter, compared to the consensus estimate of $6.57 billion. During the same period in the prior year, the business earned $1.04 EPS. The firm's revenue was up 66.5% on a year-over-year basis. Equities research analysts expect that Devon Energy will post 5.49 EPS for the current year.

Insider Transactions at Devon Energy

In related news, EVP Robert Ferrall Lowe III sold 6,756 shares of Devon Energy stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $50.95, for a total transaction of $344,218.20. Following the sale, the executive vice president directly owned 72,720 shares in the company, valued at $3,705,084. The trade was a 8.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Clay Gaspar acquired 3,913 shares of Devon Energy stock in a transaction that occurred on Monday, September 14th. The stock was bought at an average cost of $51.08 per share, with a total value of $199,876.04. Following the acquisition, the chief executive officer directly owned 619,152 shares of the company's stock, valued at approximately $31,626,284.16. This trade represents a 0.64% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 4.58% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in DVN. Morningstar Investment Management LLC increased its position in Devon Energy by 51.1% during the first quarter. Morningstar Investment Management LLC now owns 86,151 shares of the energy company's stock worth $4,335,000 after acquiring an additional 29,124 shares during the period. Artemis Investment Management LLP raised its stake in Devon Energy by 103.8% during the 3rd quarter. Artemis Investment Management LLP now owns 1,465,225 shares of the energy company's stock valued at $67,459,000 after purchasing an additional 746,360 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Devon Energy during the 2nd quarter valued at $33,504,000. Illinois Municipal Retirement Fund boosted its holdings in Devon Energy by 15.5% in the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company's stock valued at $9,801,000 after purchasing an additional 26,209 shares during the period. Finally, NewEdge Wealth LLC boosted its holdings in Devon Energy by 20.0% in the 1st quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company's stock valued at $24,138,000 after purchasing an additional 80,000 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Key Stories Impacting Devon Energy

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Devon’s Q3 earnings call highlighted stronger cash returns, while the company completed a reported $617.12 million share-repurchase tranche. Devon Energy Earnings Call Signals Stronger Cash Returns Devon Energy Earnings And Buyback Put Fair Value Back In Focus
• Positive Sentiment: Stifel Nicolaus and Scotiabank each assigned DVN a Buy rating, adding to the constructive analyst outlook. Devon Energy Receives a Buy from Stifel Nicolaus Devon Energy Gets a Buy from Scotiabank
• Neutral Sentiment: Major shareholder TCIM is pushing for a sale of the company, and management has said it will consider takeover proposals. That creates potential deal upside, but no offer or transaction is confirmed. Devon Energy Opens Door to Takeover Offers
• Neutral Sentiment: Devon’s planned $4.2 billion Eagle Ford asset sale and focus on higher-return assets could reshape its portfolio; the article frames the move alongside questions about valuation and earnings support. Devon Energy Stock May Be Undervalued Despite Its Asset Sale
• Negative Sentiment: Susquehanna lowered its price target to $60 from $63, though it maintained a positive rating. Barclays also trimmed its target, signaling reduced near-term expectations even as analyst views remain supportive overall. Susquehanna Lowers Devon Energy Price Target Barclays Trims Devon Energy Price Target
• Negative Sentiment: Industry commentary points to inflation-driven input-cost pressure for oil and gas producers, a potential headwind for Devon if costs rise faster than commodity pricing. Devon Energy and Other Oil Producers Face Inflation Pressure

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market.

Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins.

The company's portfolio has evolved through acquisitions and asset sales over its history.

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