Capital One Financial Lowers Devon Energy (NYSE:DVN) Price Target to $61.00

Key Points

• Capital One Financial lowered its price target on Devon Energy from $63 to $61 while keeping an overweight rating, implying about 32.11% upside from the prior close.
• Recent analyst sentiment remains broadly positive, with multiple firms such as Wells Fargo, Citigroup, Morgan Stanley, and Mizuho also raising targets; MarketBeat shows an average rating of Moderate Buy and an average target price of $57.89.
• Devon Energy’s shares rose 3.8% to $46.17, but the company recently reported Q1 earnings and revenue below expectations and insiders sold shares in May.

Devon Energy (NYSE:DVN - Get Free Report) had its target price lowered by research analysts at Capital One Financial from $63.00 to $61.00 in a report issued on Tuesday,MarketScreener reports. The firm presently has an "overweight" rating on the energy company's stock. Capital One Financial's price objective points to a potential upside of 32.11% from the company's previous close.

Other equities analysts have also recently issued reports about the stock. Wells Fargo & Company boosted their price objective on shares of Devon Energy from $66.00 to $68.00 and gave the company an "overweight" rating in a research note on Monday, May 18th. Citigroup lifted their target price on shares of Devon Energy from $60.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, May 20th. Morgan Stanley boosted their price target on shares of Devon Energy from $59.00 to $66.00 and gave the stock an "overweight" rating in a research note on Thursday, May 21st. TD Cowen increased their price target on shares of Devon Energy from $46.00 to $50.00 and gave the stock a "hold" rating in a report on Tuesday, March 17th. Finally, Mizuho raised their price objective on shares of Devon Energy from $62.00 to $68.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and an average target price of $57.89.

Devon Energy Stock Up 3.8%

Shares of NYSE:DVN traded up $1.68 on Tuesday, hitting $46.17. 18,751,304 shares of the company's stock were exchanged, compared to its average volume of 15,327,251. Devon Energy has a 1-year low of $30.75 and a 1-year high of $52.71. The company has a market capitalization of $28.69 billion, a PE ratio of 12.84 and a beta of 0.38. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The firm's 50-day moving average is $47.91 and its 200 day moving average is $42.51.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the previous year, the company posted $0.82 EPS. The company's quarterly revenue was down 14.5% on a year-over-year basis. Sell-side analysts predict that Devon Energy will post 4.24 EPS for the current year.

Insider Transactions at Devon Energy

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the company's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the sale, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the sale, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.71% of the stock is currently owned by corporate insiders.

Institutional Trading of Devon Energy

Hedge funds have recently added to or reduced their stakes in the business. State Street Corp increased its position in shares of Devon Energy by 0.6% in the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company's stock worth $1,301,914,000 after acquiring an additional 212,074 shares in the last quarter. Geode Capital Management LLC boosted its position in Devon Energy by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company's stock worth $700,238,000 after purchasing an additional 186,743 shares during the period. Victory Capital Management Inc. boosted its position in Devon Energy by 17.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company's stock worth $509,779,000 after purchasing an additional 2,071,021 shares during the period. Dimensional Fund Advisors LP increased its holdings in Devon Energy by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company's stock valued at $483,475,000 after purchasing an additional 235,561 shares in the last quarter. Finally, Kimmeridge Energy Management Company LLC increased its holdings in Devon Energy by 56.5% in the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock valued at $324,204,000 after purchasing an additional 3,195,862 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

About Devon Energy

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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