Devon Energy (NYSE:DVN) Price Target Raised to $37.00 at UBS Group

Devon Energy (NYSE:DVN - Get Free Report) had its target price upped by analysts at UBS Group from $35.00 to $37.00 in a report issued on Friday,Benzinga reports. The firm currently has a "neutral" rating on the energy company's stock. UBS Group's price objective indicates a potential upside of 8.42% from the company's current price.

DVN has been the subject of several other reports. Bank of America dropped their price objective on Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. JPMorgan Chase & Co. dropped their price objective on Devon Energy from $48.00 to $42.00 and set a "neutral" rating for the company in a report on Thursday, March 13th. The Goldman Sachs Group boosted their price target on Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Citigroup lowered their price target on Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a report on Friday, April 4th. Finally, Susquehanna lowered their price target on Devon Energy from $52.00 to $41.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Devon Energy has an average rating of "Moderate Buy" and a consensus target price of $43.79.

Devon Energy Price Performance

NYSE DVN traded up $0.18 during midday trading on Friday, hitting $34.13. The company had a trading volume of 3,921,843 shares, compared to its average volume of 8,860,249. The company has a market capitalization of $21.91 billion, a PE ratio of 7.78, a P/E/G ratio of 2.59 and a beta of 1.02. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. The firm has a 50-day moving average price of $32.64 and a 200-day moving average price of $33.49. Devon Energy has a twelve month low of $25.89 and a twelve month high of $49.35.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.06). The company had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. Devon Energy's revenue was up 23.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.16 earnings per share. As a group, analysts anticipate that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently made changes to their positions in the stock. SVB Wealth LLC grew its position in shares of Devon Energy by 4.1% in the 1st quarter. SVB Wealth LLC now owns 8,131 shares of the energy company's stock valued at $304,000 after buying an additional 321 shares during the last quarter. Covestor Ltd grew its position in shares of Devon Energy by 15.9% in the 4th quarter. Covestor Ltd now owns 2,521 shares of the energy company's stock valued at $83,000 after buying an additional 345 shares during the last quarter. Horizon Investments LLC grew its position in shares of Devon Energy by 4.1% in the 4th quarter. Horizon Investments LLC now owns 8,843 shares of the energy company's stock valued at $289,000 after buying an additional 347 shares during the last quarter. Tocqueville Asset Management L.P. grew its position in shares of Devon Energy by 3.0% in the 4th quarter. Tocqueville Asset Management L.P. now owns 12,242 shares of the energy company's stock valued at $401,000 after buying an additional 359 shares during the last quarter. Finally, Whittier Trust Co. grew its position in shares of Devon Energy by 24.3% in the 1st quarter. Whittier Trust Co. now owns 1,927 shares of the energy company's stock valued at $72,000 after buying an additional 377 shares during the last quarter. Institutional investors 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.

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