Devon Energy (NYSE:DVN) Price Target Lowered to $40.00 at Mizuho

Key Points

• Mizuho has lowered Devon Energy's price target from $43.00 to $40.00, indicating a potential upside of 17.48% from the current stock price, while maintaining an "outperform" rating.
• Despite the price target cut, other analysts like Morgan Stanley and Wells Fargo have increased their targets, with Morgan Stanley setting a target of $49.00.
• Shares of Devon Energy have dropped 1.4% to $34.05, with the stock trading below its 12-month highs and experiencing significant trading volume fluctuations.

Devon Energy (NYSE:DVN - Get Free Report) had its price target cut by equities research analysts at Mizuho from $43.00 to $40.00 in a research report issued on Monday,Benzinga reports. The firm presently has an "outperform" rating on the energy company's stock. Mizuho's target price would indicate a potential upside of 17.48% from the stock's current price.

A number of other equities analysts have also issued reports on DVN. Morgan Stanley increased their price target on Devon Energy from $46.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Wells Fargo & Company raised their price objective on Devon Energy from $42.00 to $43.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 12th. William Blair started coverage on Devon Energy in a research note on Monday, August 25th. They set an "outperform" rating for the company. Barclays increased their target price on Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Finally, Siebert Williams Shank increased their target price on Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a report on Monday, June 23rd. Sixteen analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Devon Energy presently has an average rating of "Moderate Buy" and a consensus price target of $44.04.

Devon Energy Stock Down 1.4%

Shares of NYSE DVN traded down $0.48 on Monday, hitting $34.05. The company had a trading volume of 1,538,667 shares, compared to its average volume of 8,737,141. Devon Energy has a 12-month low of $25.89 and a 12-month high of $43.29. The business has a 50 day moving average of $33.91 and a two-hundred day moving average of $33.12. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $21.61 billion, a P/E ratio of 7.65, a PEG ratio of 2.00 and a beta of 1.09.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.01. The firm had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.Devon Energy's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.41 earnings per share. As a group, equities research analysts forecast that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Insider Activity at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the transaction, the director owned 31,801 shares of the company's stock, valued at $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.73% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cantor Fitzgerald Investment Advisors L.P. raised its position in shares of Devon Energy by 10.8% in the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock valued at $10,210,000 after purchasing an additional 26,519 shares during the period. Merit Financial Group LLC boosted its position in Devon Energy by 209.5% during the 1st quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock valued at $848,000 after buying an additional 15,351 shares during the period. Autumn Glory Partners LLC lifted its position in shares of 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 period. Intact Investment Management Inc. bought a new stake in Devon Energy during the 1st quarter valued at about $2,524,000. Finally, Praxis Investment Management Inc. grew its stake in shares of Devon Energy by 41.8% in the first quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company's stock worth $1,758,000 after acquiring an additional 13,860 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

About Devon Energy

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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