Devon Energy (NYSE:DVN) Stock Price Expected to Rise, Wolfe Research Analyst Says

Key Points

• Wolfe Research raised its price target on Devon Energy to $64, implying roughly a 41.25% upside from the stock's prior close.
• Analyst sentiment is broadly positive with 23 Buy and 7 Hold ratings, an average price target of $48.54 and an overall rating of "Moderate Buy."
• Recent fundamentals: DVN traded at $45.31, market cap about $28.09B and a P/E of ~10.87; the company reported Q4 EPS of $0.82 (beating by $0.01) while revenue was $17.19B, down 6.4% year‑over‑year.

Devon Energy (NYSE:DVN - Get Free Report) had its price objective increased by equities researchers at Wolfe Research from $58.00 to $64.00 in a research note issued to investors on Monday,MarketScreener reports. Wolfe Research's price objective points to a potential upside of 41.25% from the stock's previous close.

Several other equities analysts also recently weighed in on the company. Barclays raised their price target on Devon Energy from $50.00 to $52.00 and gave the stock an "overweight" rating in a research report on Monday, February 23rd. Jefferies Financial Group upped their price objective on Devon Energy from $36.00 to $44.00 in a research report on Monday. Johnson Rice dropped their price objective on Devon Energy from $70.00 to $62.00 and set a "buy" rating for the company in a research report on Friday, December 5th. Susquehanna boosted their target price on shares of Devon Energy from $47.00 to $52.00 and gave the company a "positive" rating in a research note on Friday, February 20th. Finally, Weiss Ratings upgraded shares of Devon Energy from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, January 28th. Twenty-three research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $48.54.

Devon Energy Price Performance

Shares of DVN stock traded up $0.83 during trading hours on Monday, hitting $45.31. The company's stock had a trading volume of 3,716,709 shares, compared to its average volume of 11,356,062. The business has a fifty day moving average of $40.44 and a 200-day moving average of $36.90. The stock has a market cap of $28.09 billion, a price-to-earnings ratio of 10.87, a P/E/G ratio of 4.50 and a beta of 0.56. Devon Energy has a twelve month low of $25.89 and a twelve month high of $46.15. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The business had revenue of $17.19 billion during the quarter, compared to analysts' expectations of $3.67 billion. During the same period last year, the company posted $1.10 EPS. The company's revenue was down 6.4% on a year-over-year basis. As a group, equities research analysts anticipate that Devon Energy will post 4.85 EPS for the current year.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently added to or reduced their stakes in the business. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Devon Energy in the 4th quarter worth about $25,000. PFS Partners LLC purchased a new stake in Devon Energy in the 3rd quarter valued at about $25,000. First Horizon Corp acquired a new position in shares of Devon Energy during the 3rd quarter valued at about $26,000. Caldwell Trust Co acquired a new position in shares of Devon Energy during the 2nd quarter valued at about $25,000. Finally, MV Capital Management Inc. purchased a new position in shares of Devon Energy during the 4th quarter worth about $29,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

About Devon Energy

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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