Capital One Financial Lowers Devon Energy (NYSE:DVN) Price Target to $63.00

Key Points

• Capital One Financial cut its price target on Devon Energy to $63.00 from $64 while keeping an "overweight" rating, a target that implies roughly a 39.32% upside from the prior close.
• Analyst sentiment is generally positive with a consensus rating of "Moderate Buy" and an average target of $53.25, though individual price targets vary notably across firms.
• Devon topped quarterly estimates with EPS of $0.82 (vs. $0.81) and revenue of $4.12 billion, and the stock trades around $45.22 with a market cap of about $28.1 billion.

Devon Energy (NYSE:DVN - Get Free Report) had its price objective dropped by equities researchers at Capital One Financial from $64.00 to $63.00 in a research note issued to investors on Tuesday,MarketScreener reports. The brokerage currently has an "overweight" rating on the energy company's stock. Capital One Financial's price target would indicate a potential upside of 39.32% from the stock's previous close.

A number of other research firms also recently issued reports on DVN. Mizuho raised their price target on Devon Energy from $51.00 to $62.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 17th. Argus upped their price objective on Devon Energy from $41.00 to $51.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. Morgan Stanley increased their target price on Devon Energy from $46.00 to $59.00 and gave the company an "overweight" rating in a report on Friday, March 27th. JPMorgan Chase & Co. dropped their target price on Devon Energy from $44.00 to $41.00 and set an "overweight" rating on the stock in a research report on Thursday, January 15th. Finally, Benchmark restated a "buy" rating on shares of Devon Energy in a research note on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $53.25.

Devon Energy Stock Down 0.1%

DVN opened at $45.22 on Tuesday. The stock has a market capitalization of $28.10 billion, a price-to-earnings ratio of 10.85, a PEG ratio of 0.92 and a beta of 0.47. The firm has a 50 day moving average price of $46.28 and a 200-day moving average price of $39.39. Devon Energy has a twelve month low of $28.61 and a twelve month high of $52.71. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The company had revenue of $4.12 billion for the quarter, compared to analysts' expectations of $3.67 billion. During the same quarter last year, the company posted $1.10 earnings per share. The firm's quarterly revenue was down 6.4% on a year-over-year basis. Equities research analysts forecast that Devon Energy will post 4.85 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp raised its holdings in Devon Energy by 0.6% during the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company's stock valued at $1,301,914,000 after acquiring an additional 212,074 shares during the period. Geode Capital Management LLC grew its position in shares of Devon Energy by 1.0% during the fourth 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 in the last quarter. Victory Capital Management Inc. raised its stake 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 valued at $509,779,000 after purchasing an additional 2,071,021 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Devon Energy by 6.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company's stock worth $327,938,000 after purchasing an additional 552,068 shares in the last quarter. Finally, Kimmeridge Energy Management Company LLC lifted 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 worth $324,204,000 after purchasing an additional 3,195,862 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Company Profile

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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