Devon Energy (NYSE:DVN) Given New $67.00 Price Target at Piper Sandler

Key Points

• Piper Sandler raised its price target to $67 (from $59) and kept an "overweight" rating, implying a potential 45.67% upside from the prior close.
• Market consensus remains a Moderate Buy with 23 Buys and 7 Holds and a consensus target of $48.85, meaning Piper Sandler's target is materially higher than the street average.
• Shares traded around $46 (near a 52-week high of $46.36) with a $28.5B market cap and a PE of 11.03; Devon reported quarterly EPS of $0.82 (beat by $0.01) while revenue was down 6.4% year-over-year.

Devon Energy (NYSE:DVN - Get Free Report) had its price objective raised by equities research analysts at Piper Sandler from $59.00 to $67.00 in a report issued on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the energy company's stock. Piper Sandler's price objective indicates a potential upside of 45.67% from the company's previous close.

A number of other equities research analysts have also issued reports on the stock. Roth Mkm reaffirmed a "buy" rating and set a $50.00 price objective on shares of Devon Energy in a report on Thursday, February 19th. Wells Fargo & Company boosted their price objective on Devon Energy from $43.00 to $51.00 and gave the stock an "overweight" rating in a research note on Friday, February 20th. Sanford C. Bernstein cut their price objective on shares of Devon Energy from $48.00 to $42.00 and set an "outperform" rating on the stock in a research report on Monday, January 5th. Argus increased their price target on Devon Energy from $41.00 to $51.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Finally, Benchmark reaffirmed a "buy" rating on shares of Devon Energy in a research note on Friday, January 16th. Twenty-three equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.85.

Devon Energy Stock Performance

Devon Energy stock traded up $0.64 during midday trading on Thursday, hitting $46.00. The stock had a trading volume of 9,519,822 shares, compared to its average volume of 11,921,938. Devon Energy has a 52-week low of $25.89 and a 52-week high of $46.36. The company has a market capitalization of $28.52 billion, a PE ratio of 11.03, a P/E/G ratio of 4.42 and a beta of 0.56. The firm's fifty day moving average is $40.93 and its two-hundred day moving average is $37.09. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.01. The business had revenue of $17.19 billion for the quarter, compared to the consensus estimate of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The company's revenue for the quarter was down 6.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.10 earnings per share. On average, research analysts forecast that Devon Energy will post 4.85 EPS for the current year.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds have recently made changes to their positions in the stock. Corient Private Wealth LLC grew its stake 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 buying an additional 13,124 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in shares of Devon Energy in the 4th quarter valued at approximately $25,000. Tulsa Wealth Advisors INC purchased a new position in shares of Devon Energy in the 4th quarter valued at approximately $343,000. Tobam lifted its stake in shares of Devon Energy by 16.4% during the fourth quarter. Tobam now owns 1,633 shares of the energy company's stock worth $60,000 after buying an additional 230 shares during the period. Finally, MidFirst Bank purchased a new stake in shares of Devon Energy during the fourth quarter valued at $927,000. 69.72% of the stock is currently owned by hedge funds and other 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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