Devon Energy (NYSE:DVN) Stock Gets Price Target Boost from Barclays

Key Points

• Barclays raised its Devon Energy price target to $59 from $57 and maintained an “overweight” rating, implying about 26.9% upside from the cited share price of $46.50.
• Analyst sentiment is broadly positive: MarketBeat reported a “Moderate Buy” consensus and an average price target of $59.99, though several firms recently lowered their targets and one downgraded the stock to “Hold.”
• Devon beat quarterly estimates, reporting EPS of $1.42 versus $1.33 expected and revenue of $6.86 billion versus $6.57 billion; revenue rose 66.5% year over year.

Devon Energy (NYSE:DVN - Get Free Report) had its price target hoisted by analysts at Barclays from $57.00 to $59.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an "overweight" rating on the energy company's stock. Barclays's price target would suggest a potential upside of 26.87% from the company's current price.

A number of other brokerages also recently commented on DVN. JPMorgan Chase & Co. increased their price target on Devon Energy from $65.00 to $68.00 and gave the company an "overweight" rating in a report on Monday. UBS Group cut their price objective on shares of Devon Energy from $65.00 to $62.00 and set a "buy" rating on the stock in a research note on Tuesday. Seaport Research Partners began coverage on Devon Energy in a research note on Thursday, September 3rd. They issued a "buy" rating and a $65.00 price objective on the stock. Mizuho reduced their price objective on shares of Devon Energy from $68.00 to $65.00 and set an "outperform" rating for the company in a research note on Friday, October 16th. Finally, Weiss Ratings cut shares of Devon Energy from a "buy (b-)" rating to a "hold (c)" rating in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $59.99.

Devon Energy Price Performance

Shares of Devon Energy stock traded up $0.27 on Friday, hitting $46.50. The company's stock had a trading volume of 1,507,396 shares, compared to its average volume of 12,820,725. The company has a market capitalization of $53.00 billion, a P/E ratio of 11.60, a price-to-earnings-growth ratio of 1.01 and a beta of 0.43. Devon Energy has a 52-week low of $34.23 and a 52-week high of $52.71. The firm has a fifty day moving average price of $48.30 and a 200-day moving average price of $46.16. The company has a quick ratio of 0.65, a current ratio of 0.70 and a debt-to-equity ratio of 0.23.

Devon Energy (NYSE:DVN - Get Free Report) last posted 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. The firm had revenue of $6.86 billion during the quarter, compared to analysts' expectations of $6.57 billion. Devon Energy had a return on equity of 14.86% and a net margin of 16.22%. The firm's quarterly revenue was up 66.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.04 EPS. On average, equities research analysts expect that Devon Energy will post 5.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction 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 completion of the transaction, the executive vice president owned 72,720 shares in the company, valued at approximately $3,705,084. This represents a 8.50% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Clay M. Gaspar purchased 3,913 shares of the company's stock in a transaction that occurred on Monday, September 14th. The stock was acquired at an average cost of $51.08 per share, with a total value of $199,876.04. Following the transaction, the chief executive officer directly owned 619,152 shares of the company's stock, valued at approximately $31,626,284.16. This represents a 0.64% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 4.58% of the company's stock.

Institutional Investors Weigh In On Devon Energy

Large investors have recently bought and sold shares of the business. Premier Financial Group bought a new position in Devon Energy in the second quarter valued at about $25,000. Financial Management Professionals Inc. raised its position in shares of Devon Energy by 119.0% in the 3rd quarter. Financial Management Professionals Inc. now owns 576 shares of the energy company's stock valued at $27,000 after acquiring an additional 313 shares during the period. JFS Wealth Advisors LLC increased its position in shares of Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after buying an additional 245 shares in the last quarter. Parvin Asset Management LLC bought a new position in Devon Energy in the second quarter valued at approximately $28,000. Finally, KERR FINANCIAL PLANNING Corp bought a new stake in shares of Devon Energy during the second quarter worth $29,000. 69.72% of the stock is currently owned by institutional investors.

About Devon Energy

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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