Devon Energy (NYSE:DVN) Price Target Lowered to $37.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has lowered its price target for Devon Energy from $43.00 to $37.00, maintaining an "overweight" rating, indicating a potential upside of 15.59% from the current price.
• Despite the downgrade, Devon Energy has received mixed reviews from analysts, with ratings ranging from "buy" to "hold," and an average consensus price target of $43.46.
• Devon Energy's recent quarterly earnings report showed a profit of $0.84 EPS, surpassing expectations and reflecting a 9.4% increase in revenue compared to the previous year.

Devon Energy (NYSE:DVN - Get Free Report) had its price objective decreased by stock analysts at Wells Fargo & Company from $43.00 to $37.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the energy company's stock. Wells Fargo & Company's price target would indicate a potential upside of 15.59% from the company's current price.

Other equities analysts have also recently issued research reports about the stock. Roth Capital began coverage on shares of Devon Energy in a research note on Monday. They issued a "buy" rating and a $42.00 price target for the company. Morgan Stanley lowered their price objective on shares of Devon Energy from $49.00 to $47.00 and set an "overweight" rating for the company in a report on Tuesday. BMO Capital Markets boosted their price objective on shares of Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Devon Energy in a report on Wednesday, October 8th. Finally, Barclays decreased their price objective on shares of Devon Energy from $42.00 to $40.00 and set an "equal weight" rating for the company in a report on Tuesday, October 7th. Seventeen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $43.46.

Devon Energy Price Performance

DVN stock opened at $32.01 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. Devon Energy has a one year low of $25.89 and a one year high of $41.06. The stock has a market cap of $20.32 billion, a PE ratio of 7.18, a P/E/G ratio of 1.95 and a beta of 1.03. The firm has a 50 day simple moving average of $34.55 and a two-hundred day simple moving average of $32.98.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results 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 net margin of 16.57% and a return on equity of 18.59%. The business had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.01 billion. During the same quarter in the previous year, the company earned $1.41 EPS. The business's quarterly revenue was up 9.4% compared to the same quarter last year. On average, analysts predict that Devon Energy will post 4.85 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the sale, the director directly owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.71% of the company's stock.

Institutional Trading of Devon Energy

Several institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC lifted its stake in shares of Devon Energy by 78.7% in the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company's stock worth $202,327,000 after purchasing an additional 2,802,137 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Devon Energy by 81.1% in the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock worth $188,131,000 after purchasing an additional 2,252,918 shares during the period. Vanguard Group Inc. lifted its stake in shares of Devon Energy by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock worth $3,096,000,000 after purchasing an additional 2,098,568 shares during the period. Adage Capital Partners GP L.L.C. lifted its stake in shares of Devon Energy by 83.9% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 4,568,092 shares of the energy company's stock worth $145,311,000 after purchasing an additional 2,083,600 shares during the period. Finally, Nuveen LLC bought a new position in shares of Devon Energy in the 1st quarter worth approximately $69,975,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

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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