Devon Energy (NYSE:DVN) Price Target Cut to $61.00 by Analysts at Truist Financial

Key Points

• Truist Financial lowered Devon Energy’s price target to $61 from $65 but maintained a “buy” rating, implying 27.89% upside from the prior close. Analysts overall rate the stock “Moderate Buy,” with a consensus target of $60.03.
• Devon Energy shares fell 0.7% to $47.70, while the company reported quarterly EPS of $1.57, beating expectations of $1.40, and revenue of $7.42 billion, up 73.1% year over year.
• Insider activity was mixed: CEO Clay Gaspar purchased 3,913 shares, while EVP Robert Lowe sold 6,756 shares. Institutional investors own approximately 69.72% of Devon Energy’s stock.

Devon Energy (NYSE:DVN - Get Free Report) had its target price lowered by Truist Financial from $65.00 to $61.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a "buy" rating on the energy company's stock. Truist Financial's target price would indicate a potential upside of 27.89% from the company's previous close.

A number of other research firms also recently issued reports on DVN. Susquehanna boosted their target price on shares of Devon Energy from $57.00 to $63.00 and gave the company a "positive" rating in a research report on Tuesday, July 21st. Evercore raised shares of Devon Energy from an "in-line" rating to an "outperform" rating and set a $54.00 price objective on the stock in a report on Wednesday, June 10th. JPMorgan Chase & Co. increased their target price on shares of Devon Energy from $60.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, October 2nd. Wall Street Zen raised shares of Devon Energy from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, The Goldman Sachs Group decreased their price objective on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $60.03.

Devon Energy Trading Down 0.7%

Shares of NYSE:DVN traded down $0.32 during mid-day trading on Wednesday, reaching $47.70. 1,854,622 shares of the company's stock were exchanged, compared to its average volume of 13,185,002. The firm has a market capitalization of $52.47 billion, a price-to-earnings ratio of 11.34, a PEG ratio of 1.30 and a beta of 0.49. The business's fifty day moving average price is $47.19 and its 200-day moving average price is $46.34. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. Devon Energy has a twelve month low of $31.47 and a twelve month high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm's quarterly revenue was up 73.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.84 earnings per share. On average, research analysts predict that Devon Energy will post 5.27 EPS for the current fiscal 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 that occurred on Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the sale, the executive vice president owned 72,720 shares of the company's stock, valued at approximately $3,705,084. The trade was a 8.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Clay M. Gaspar acquired 3,913 shares of Devon Energy stock in a transaction on Monday, September 14th. The shares were purchased at an average cost of $51.08 per share, with a total value of $199,876.04. Following the completion of the acquisition, the chief executive officer owned 619,152 shares of the company's stock, valued at $31,626,284.16. This trade represents a 0.64% increase in their position. The SEC filing for this purchase provides additional information. 4.58% of the stock is owned by insiders.

Institutional Investors Weigh In On Devon Energy

Large investors have recently added to or reduced their stakes in the company. Moody National Bank Trust Division increased its stake in shares of Devon Energy by 16.6% in the third quarter. Moody National Bank Trust Division now owns 9,159 shares of the energy company's stock worth $422,000 after purchasing an additional 1,303 shares in the last quarter. Ferguson Wellman Capital Management Inc. bought a new position in Devon Energy in the 3rd quarter worth approximately $221,000. Eastern Bank grew its stake in Devon Energy by 2.6% in the 3rd quarter. Eastern Bank now owns 71,445 shares of the energy company's stock valued at $3,289,000 after buying an additional 1,786 shares in the last quarter. Collective Family Office LLC bought a new stake in Devon Energy during the 3rd quarter valued at $315,000. Finally, Miller Global Investments LLC lifted its position in shares of Devon Energy by 2.5% during the third quarter. Miller Global Investments LLC now owns 26,366 shares of the energy company's stock worth $1,214,000 after acquiring an additional 654 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

About Devon Energy

Devon Energy Corporation NYSE: DVN is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company operates in the United States and focuses on onshore properties with oil- and liquids-rich resources.

Devon's operations are concentrated in several major U.S. producing regions, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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