Barclays Forecasts Strong Price Appreciation for Devon Energy (NYSE:DVN) Stock

Devon Energy (NYSE:DVN - Get Free Report) had its price objective increased by research analysts at Barclays from $38.00 to $40.00 in a report released on Wednesday,Benzinga reports. The firm currently has an "equal weight" rating on the energy company's stock. Barclays's price target suggests a potential upside of 18.82% from the stock's current price.

A number of other brokerages also recently issued reports on DVN. Truist Financial lifted their price target on Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a research report on Thursday, February 20th. Sanford C. Bernstein raised Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 target price on the stock in a research note on Wednesday, January 15th. Susquehanna reduced their target price on Devon Energy from $52.00 to $41.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. Mizuho reduced their price target on Devon Energy from $49.00 to $46.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 9th. Finally, Royal Bank of Canada cut their target price on Devon Energy from $49.00 to $40.00 and set a "sector perform" rating on the stock in a research note on Monday, April 14th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Devon Energy has a consensus rating of "Moderate Buy" and an average target price of $43.96.

Devon Energy Stock Performance

Shares of DVN stock traded up $1.14 on Wednesday, hitting $33.67. 4,480,977 shares of the stock were exchanged, compared to its average volume of 8,565,735. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $21.66 billion, a PE ratio of 7.38, a P/E/G ratio of 1.20 and a beta of 1.00. Devon Energy has a one year low of $25.89 and a one year high of $50.44. The firm's 50 day moving average is $32.55 and its two-hundred day moving average is $34.69.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.31 billion. During the same quarter in the prior year, the business earned $1.16 EPS. The firm's revenue for the quarter was up 23.8% compared to the same quarter last year. Sell-side analysts expect 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 added to or reduced their stakes in DVN. Vanguard Group Inc. raised its position in shares of Devon Energy by 2.6% during 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 last quarter. Geode Capital Management LLC boosted its position in Devon Energy by 6.5% during the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company's stock worth $552,830,000 after purchasing an additional 1,038,305 shares during the period. Victory Capital Management Inc. boosted its position in Devon Energy by 12.9% during the 1st quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock worth $430,805,000 after purchasing an additional 1,315,050 shares during the period. Fuller & Thaler Asset Management Inc. boosted its position in Devon Energy by 42.8% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company's stock valued at $340,236,000 after buying an additional 3,114,656 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company's stock valued at $309,682,000 after buying an additional 2,335,473 shares during the last quarter. Hedge funds and other 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.