Devon Energy (NYSE:DVN) Stock Price Target Cut by Susquehanna

Key Points

• Susquehanna cut Devon Energy’s price target from $63 to $60 but maintained a positive rating; its revised target implies 42.1% upside from the prior close.
• Analyst sentiment remains broadly positive: Devon has a “Moderate Buy” consensus rating and a $60.49 average price target.
• 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 objective cut by stock analysts at Susquehanna from $63.00 to $60.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a "positive" rating on the energy company's stock. Susquehanna's price objective indicates a potential upside of 42.10% from the stock's previous close.

A number of other research analysts have also weighed in on the stock. Seaport Research Partners began coverage on shares of Devon Energy in a research note on Thursday, September 3rd. They issued a "buy" rating and a $65.00 price target on the stock. Wells Fargo & Company lowered their price objective on shares of Devon Energy from $65.00 to $64.00 and set an "overweight" rating for the company in a research report on Monday, September 28th. Argus restated a "buy" rating and set a $45.85 price objective on shares of Devon Energy in a report on Monday, August 17th. Wall Street Zen upgraded shares of Devon Energy from a "hold" rating to a "buy" rating in a report on Saturday, October 3rd. Finally, UBS Group boosted 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. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $60.49.

Devon Energy Trading Up 0.0%

NYSE:DVN opened at $42.22 on Monday. Devon Energy has a fifty-two week low of $32.49 and a fifty-two week high of $52.71. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.70 and a quick ratio of 0.65. The stock has a market capitalization of $46.45 billion, a PE ratio of 10.56, a price-to-earnings-growth ratio of 1.10 and a beta of 0.43. The business'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 posted its earnings results on Thursday, November 5th. The energy company reported $1.42 earnings per share (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 business had revenue of $6.86 billion during the quarter, compared to analysts' expectations of $6.57 billion. During the same period in the prior year, the business earned $1.04 EPS. Devon Energy's revenue for the quarter was up 66.5% compared to the same quarter last year. Sell-side analysts expect that Devon Energy will post 5.49 earnings per share for the current fiscal year.

Insider Activity at Devon Energy

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

Institutional Investors Weigh In On Devon Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. grew its stake in shares of Devon Energy by 57.6% in the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company's stock worth $3,941,054,000 after acquiring an additional 34,871,366 shares in the last quarter. State Street Corp lifted its position in shares of Devon Energy by 89.8% during the second quarter. State Street Corp now owns 73,179,266 shares of the energy company's stock valued at $3,023,767,000 after purchasing an additional 34,615,088 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Devon Energy by 418.3% during the second quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company's stock worth $2,128,905,000 after purchasing an additional 41,581,435 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Devon Energy by 2.5% during the first quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company's stock worth $483,475,000 after purchasing an additional 235,561 shares during the last quarter. Finally, Bank of America Corp DE purchased a new position in Devon Energy during the second quarter worth about $421,226,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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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