Barclays Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Key Points

• Barclays has raised its price target for Devon Energy (DVN) from $40.00 to $42.00, indicating a potential upside of 25.85% from the previous close, while maintaining an "equal weight" rating.
• Other firms like Wolfe Research and Jefferies have also increased their price targets for Devon Energy, reflecting an overall positive outlook with an average target of $43.93 based on multiple analysts' ratings.
• In its last quarterly report, Devon Energy exceeded earnings expectations with $0.84 EPS compared to the anticipated $0.83, alongside revenues of $4.28 billion, marking a 9.4% year-over-year increase.

Devon Energy (NYSE:DVN - Get Free Report) had its price target boosted by analysts at Barclays from $40.00 to $42.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an "equal weight" rating on the energy company's stock. Barclays's price target would indicate a potential upside of 25.85% from the stock's previous close.

A number of other research firms have also commented on DVN. Wolfe Research raised their price objective on shares of Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a research note on Monday, June 23rd. Jefferies Financial Group lifted their target price on shares of Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a research note on Monday, July 14th. Wall Street Zen raised shares of Devon Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Morgan Stanley reissued an "overweight" rating and set a $46.00 target price (up previously from $44.00) on shares of Devon Energy in a research note on Tuesday, July 15th. Finally, Tudor, Pickering, Holt & Co. lifted their target price on shares of Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Eleven research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Devon Energy presently has an average rating of "Moderate Buy" and an average price target of $43.93.

Devon Energy Price Performance

NYSE:DVN traded up $1.06 during trading hours on Wednesday, reaching $33.37. 3,766,258 shares of the company's stock were exchanged, compared to its average volume of 9,032,803. The company has a market capitalization of $21.43 billion, a P/E ratio of 7.61, a price-to-earnings-growth ratio of 1.81 and a beta of 1.07. Devon Energy has a 12 month low of $25.89 and a 12 month high of $46.04. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The business's 50-day simple moving average is $32.96 and its two-hundred day simple moving average is $33.31.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter last year, the business posted $1.41 EPS. The company's revenue was up 9.4% on a year-over-year basis. Sell-side analysts expect that Devon Energy will post 4.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

Large investors have recently modified their holdings of the stock. Banque Cantonale Vaudoise purchased a new position in shares of Devon Energy in the 1st quarter worth about $26,000. Financial Gravity Asset Management Inc. purchased a new position in shares of Devon Energy in the 1st quarter worth about $26,000. Opal Wealth Advisors LLC purchased a new position in shares of Devon Energy in the 2nd quarter worth about $25,000. Rakuten Securities Inc. raised its position in shares of Devon Energy by 94.6% in the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after purchasing an additional 405 shares during the last quarter. Finally, Accredited Wealth Management LLC purchased a new position in shares of Devon Energy in the 4th quarter worth about $28,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

About Devon Energy

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.

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