Devon Energy (NYSE:DVN) Given New $47.00 Price Target at Scotiabank

Key Points

• Scotiabank has increased its price target for Devon Energy from $40.00 to $47.00, suggesting a potential upside of approximately 35.62% from the stock's previous close.
• Devon Energy's recent quarterly earnings exceeded expectations, reporting $0.84 EPS against estimates of $0.83, with revenues of $4.28 billion, a 9.4% increase year-over-year.
• Major analysts have varying ratings and price targets for Devon, with 16 analysts recommending a Buy and an average price target of $43.74.

Devon Energy (NYSE:DVN - Get Free Report) had its target price lifted by research analysts at Scotiabank from $40.00 to $47.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a "sector outperform" rating on the energy company's stock. Scotiabank's price objective would suggest a potential upside of 35.62% from the stock's previous close.

DVN has been the subject of a number of other reports. Siebert Williams Shank raised their price objective on Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Morgan Stanley raised their price objective on Devon Energy from $46.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Bernstein Bank decreased their price objective on Devon Energy from $45.00 to $43.00 and set an "outperform" rating for the company in a research report on Monday, July 7th. Barclays decreased their price objective on Devon Energy from $42.00 to $40.00 and set an "equal weight" rating for the company in a research report on Tuesday. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of Devon Energy in a report on Wednesday. Sixteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $43.74.

Devon Energy Stock Down 0.9%

NYSE DVN traded down $0.31 during trading on Thursday, reaching $34.66. 1,772,332 shares of the company's stock were exchanged, compared to its average volume of 8,656,078. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $43.29. The firm has a market capitalization of $22.00 billion, a PE ratio of 7.76, a P/E/G ratio of 2.04 and a beta of 1.03. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The company's fifty day simple moving average is $34.49 and its 200-day simple moving average is $33.15.

Devon Energy (NYSE:DVN - Get Free Report) last announced 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 return on equity of 18.59% and a net margin of 16.57%.The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same period last year, the company posted $1.41 EPS. The business's quarterly revenue was up 9.4% compared to the same quarter last year. Sell-side analysts predict that Devon Energy will post 4.85 EPS for the current year.

Insiders Place Their Bets

In related news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.71% of the company's stock.

Institutional Investors Weigh In On Devon Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cantor Fitzgerald Investment Advisors L.P. lifted its holdings in Devon Energy by 10.8% in the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock worth $10,210,000 after purchasing an additional 26,519 shares during the last quarter. Autumn Glory Partners LLC lifted its holdings in Devon Energy by 93.6% in the 1st quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock worth $1,547,000 after purchasing an additional 20,000 shares during the last quarter. Intact Investment Management Inc. acquired a new stake in Devon Energy in the 1st quarter worth approximately $2,524,000. Praxis Investment Management Inc. lifted its holdings in Devon Energy by 41.8% in the 1st quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company's stock worth $1,758,000 after purchasing an additional 13,860 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Devon Energy by 38.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 847,759 shares of the energy company's stock worth $31,850,000 after purchasing an additional 236,624 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Company Profile

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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