Citigroup Forecasts Strong Price Appreciation for Devon Energy (NYSE:DVN) Stock

Key Points

• Citigroup raised its price target on Devon Energy from $44 to $60 and kept a "buy" rating, implying about a 16.65% upside from the prior close.
• MarketBeat's consensus is a "Moderate Buy" with an average target of $50.89, based on 1 Strong Buy, 23 Buys and 7 Holds from covering analysts.
• Devon beat Q4 estimates with $0.82 EPS (vs. $0.81) and $4.12B revenue (vs. $3.67B) though revenue was down 6.4% YoY; the stock trades around $51.44, with a P/E of 12.34 and market cap of $31.89B.

Devon Energy (NYSE:DVN - Get Free Report) had its price objective hoisted by equities research analysts at Citigroup from $44.00 to $60.00 in a report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the energy company's stock. Citigroup's price objective suggests a potential upside of 16.65% from the stock's previous close.

A number of other equities analysts have also weighed in on DVN. TD Cowen increased their target price on Devon Energy from $46.00 to $50.00 and gave the stock a "hold" rating in a research note on Tuesday, March 17th. JPMorgan Chase & Co. decreased their price objective on Devon Energy from $44.00 to $41.00 and set an "overweight" rating on the stock in a report on Thursday, January 15th. Jefferies Financial Group lifted their target price on Devon Energy from $36.00 to $44.00 in a report on Monday, March 9th. Weiss Ratings upgraded shares of Devon Energy from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, January 28th. Finally, BMO Capital Markets lifted their price objective on shares of Devon Energy from $45.00 to $55.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 3rd. 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, Devon Energy presently has a consensus rating of "Moderate Buy" and an average target price of $50.89.

Devon Energy Stock Performance

Shares of DVN traded down $0.63 during trading hours on Monday, hitting $51.44. The company had a trading volume of 7,660,525 shares, compared to its average volume of 13,783,623. The business has a fifty day moving average of $43.90 and a 200-day moving average of $38.23. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. The firm has a market cap of $31.89 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 1.12 and a beta of 0.56. Devon Energy has a 12 month low of $25.89 and a 12 month high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.81 by $0.01. The business had revenue of $4.12 billion for the quarter, compared to analyst estimates of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. Devon Energy's quarterly revenue was down 6.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.10 EPS. Equities analysts anticipate that Devon Energy will post 4.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of DVN. McAlvany Wealth Management LLC bought a new position in Devon Energy in the 4th quarter valued at approximately $1,503,000. Purpose Unlimited Inc. bought a new position in shares of Devon Energy in the 4th quarter valued at $130,000. World Investment Advisors boosted its holdings in shares of Devon Energy by 54.3% during the 4th quarter. World Investment Advisors now owns 46,916 shares of the energy company's stock valued at $1,719,000 after acquiring an additional 16,505 shares in the last quarter. Corient Private Wealth LLC grew its position in Devon Energy by 12.7% during the 4th quarter. Corient Private Wealth LLC now owns 116,073 shares of the energy company's stock worth $4,253,000 after acquiring an additional 13,124 shares during the last quarter. Finally, Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in Devon Energy in the 4th quarter worth about $25,000. Institutional investors and hedge funds own 69.72% of the company's stock.

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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