Devon Energy (NYSE:DVN) Given New $40.00 Price Target 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 target price lowered by equities researchers at Mizuho from $43.00 to $40.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the energy company's stock. Mizuho's price target would suggest a potential upside of 17.75% from the stock's previous close.

Other equities analysts also recently issued reports about the company. Wells Fargo & Company upped their price target on Devon Energy from $42.00 to $43.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 12th. Wolfe Research upped their target price on Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a research report on Monday, June 23rd. Siebert Williams Shank upped their price objective on shares of Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a report on Monday, June 23rd. William Blair assumed coverage on shares of Devon Energy in a research note on Monday, August 25th. They set an "outperform" rating on the stock. Finally, BMO Capital Markets upped their price target on shares of Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a research note on Monday, July 14th. Sixteen equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $44.04.

Devon Energy Trading Down 3.0%

Shares of Devon Energy stock traded down $1.04 on Monday, hitting $33.97. 13,516,939 shares of the company traded hands, compared to its average volume of 8,781,568. The stock's 50 day moving average price is $33.97 and its 200-day moving average price is $33.13. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. Devon Energy has a 52 week low of $25.89 and a 52 week high of $43.29. The company has a market cap of $21.56 billion, a PE ratio of 7.62, a PEG ratio of 2.05 and a beta of 1.09.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.41 EPS. Equities research analysts predict that Devon Energy will post 4.85 EPS for the current year.

Insider Transactions at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value 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 trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.71% of the company's stock.

Hedge Funds Weigh In On Devon Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cantor Fitzgerald Investment Advisors L.P. boosted its holdings in 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 last quarter. Merit Financial Group LLC raised its holdings in shares of Devon Energy by 209.5% during the first quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock worth $848,000 after purchasing an additional 15,351 shares during the period. Autumn Glory Partners LLC raised its stake in Devon Energy by 93.6% during the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock worth $1,547,000 after acquiring an additional 20,000 shares during the period. Intact Investment Management Inc. acquired a new stake in shares of Devon Energy during the 1st quarter worth approximately $2,524,000. Finally, Praxis Investment Management Inc. increased its position in 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 buying an additional 13,860 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

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.