Devon Energy (NYSE:DVN) Price Target Raised to $53.00

Key Points

• Jefferies Financial Group raised its price target on Devon Energy to $53 from $44 and kept a "hold" rating, implying roughly a 9.35% upside from the prior close.
• Other firms have also lifted targets (Truist $63, BMO $60, RBC and Morgan Stanley $59), leaving the consensus at a Moderate Buy with an average price target of $53.11.
• Shares opened at $48.47 (52‑week range $28.09–$52.71); Devon posted a slight quarterly earnings beat ($0.82 vs. $0.81) on $4.12B revenue, has a market cap of ~$30.1B and a trailing P/E of 11.64, and analysts expect about $4.85 EPS for the year.

Devon Energy (NYSE:DVN - Get Free Report) had its target price hoisted by stock analysts at Jefferies Financial Group from $44.00 to $53.00 in a report issued on Monday,MarketScreener reports. The firm currently has a "hold" rating on the energy company's stock. Jefferies Financial Group's price target points to a potential upside of 9.35% from the stock's previous close.

Several other research analysts have also commented on DVN. Royal Bank Of Canada lifted their price target on Devon Energy from $46.00 to $59.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 8th. BMO Capital Markets increased their price objective on shares of Devon Energy from $55.00 to $60.00 and gave the company an "outperform" rating in a research note on Tuesday, April 7th. Truist Financial assumed coverage on shares of Devon Energy in a report on Tuesday, March 24th. They issued a "buy" rating and a $63.00 price target on the stock. Benchmark restated a "buy" rating on shares of Devon Energy in a research note on Friday, January 16th. Finally, Morgan Stanley increased their price target on shares of Devon Energy from $46.00 to $59.00 and gave the stock an "overweight" rating in a report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $53.11.

Devon Energy Stock Performance

Shares of DVN opened at $48.47 on Monday. Devon Energy has a 52 week low of $28.09 and a 52 week high of $52.71. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. The stock has a market cap of $30.12 billion, a P/E ratio of 11.64, a P/E/G ratio of 0.93 and a beta of 0.47. The business's 50 day moving average price is $46.05 and its 200-day moving average price is $39.25.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, topping analysts' consensus estimates of $0.81 by $0.01. The firm had revenue of $4.12 billion for the quarter, compared to analysts' expectations of $3.67 billion. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The company's quarterly revenue was down 6.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.10 earnings per share. Equities research analysts anticipate that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Institutional Trading of Devon Energy

Hedge funds have recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC acquired a new position in Devon Energy in the fourth quarter valued at $9,931,000. Allianz Asset Management GmbH grew its stake in Devon Energy by 4.3% during the 3rd quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company's stock worth $29,210,000 after buying an additional 33,974 shares during the last quarter. Investors Research Corp lifted its stake in Devon Energy by 13,787.5% in the fourth quarter. Investors Research Corp now owns 27,775 shares of the energy company's stock valued at $1,017,000 after buying an additional 27,575 shares during the last quarter. Philip James Wealth Mangement LLC raised its holdings in shares of Devon Energy by 43.8% in the fourth quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company's stock valued at $5,911,000 after buying an additional 49,115 shares during the last quarter. Finally, Greatmark Investment Partners Inc. grew its stake in shares of Devon Energy by 5.6% in the 3rd quarter. Greatmark Investment Partners Inc. now owns 571,925 shares of the energy company's stock valued at $20,052,000 after purchasing an additional 30,435 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Company Profile

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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