Devon Energy (NYSE:DVN) Price Target Raised to $60.00 at BMO Capital Markets

Key Points

• BMO Capital Markets raised its price target on Devon Energy to $60 (from $55) and maintained an Outperform rating, implying roughly a 28.6% upside from the current price.
• Several other brokers also boosted targets — notably Capital One to $64, Morgan Stanley to $59 and RBC to $59 — leaving a consensus of Moderate Buy with an average price target of $52.18.
• Despite the upgrades, shares traded down 6.6% to $46.65; the company posted a slight EPS beat ($0.82 vs. $0.81) and revenue beat ($4.12B vs. $3.67B) while quarterly revenue fell 6.4% year‑over‑year.

Devon Energy (NYSE:DVN - Get Free Report) had its price target lifted by stock analysts at BMO Capital Markets from $55.00 to $60.00 in a report released on Tuesday,MarketScreener reports. The brokerage currently has an "outperform" rating on the energy company's stock. BMO Capital Markets' price target points to a potential upside of 28.63% from the stock's current price.

A number of other equities analysts also recently issued reports on the company. Capital One Financial lifted their price target on Devon Energy from $50.00 to $64.00 and gave the company an "overweight" rating in a research note on Thursday, March 26th. Morgan Stanley lifted their target price on Devon Energy from $46.00 to $59.00 and gave the company an "overweight" rating in a research report on Friday, March 27th. TD Cowen upped their price target on Devon Energy from $46.00 to $50.00 and gave the stock a "hold" rating in a report on Tuesday, March 17th. Royal Bank Of Canada raised their price objective on Devon Energy from $46.00 to $59.00 and gave the company a "sector perform" rating in a research note on Wednesday. Finally, Scotiabank raised shares of Devon Energy to a "hold" rating in a report on Friday, March 27th. One research 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 data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $52.18.

Devon Energy Stock Down 6.6%

NYSE:DVN traded down $3.30 on Tuesday, hitting $46.65. The stock had a trading volume of 2,081,528 shares, compared to its average volume of 13,763,889. The business's fifty day moving average is $45.58 and its 200 day moving average is $38.97. The company has a market cap of $28.99 billion, a PE ratio of 11.09, a P/E/G ratio of 0.97 and a beta of 0.47. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. Devon Energy has a 52 week low of $25.89 and a 52 week high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.01. The business had revenue of $4.12 billion for the quarter, compared to analyst estimates 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 quarter in the prior year, the company earned $1.10 earnings per share. On average, equities research analysts expect that Devon Energy will post 4.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

Hedge funds and other institutional investors have recently modified their holdings of the business. Wedge Capital Management L L P NC bought a new stake in shares of Devon Energy during the 4th quarter worth $9,931,000. Allianz Asset Management GmbH raised its stake in shares of 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 purchasing an additional 33,974 shares during the period. Investors Research Corp raised its stake in shares of Devon Energy by 13,787.5% during the 4th quarter. Investors Research Corp now owns 27,775 shares of the energy company's stock worth $1,017,000 after purchasing an additional 27,575 shares during the period. Philip James Wealth Mangement LLC raised its stake in shares of Devon Energy by 43.8% during the 4th quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company's stock worth $5,911,000 after purchasing an additional 49,115 shares during the period. Finally, Greatmark Investment Partners Inc. raised its stake in shares of Devon Energy by 5.6% during the 3rd quarter. Greatmark Investment Partners Inc. now owns 571,925 shares of the energy company's stock worth $20,052,000 after purchasing an additional 30,435 shares during the period. Hedge funds and other institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.