Evercore ISI Raises Devon Energy (NYSE:DVN) Price Target to $37.00

Key Points

• Evercore ISI has raised its price target for Devon Energy from $34.00 to $37.00, indicating a potential upside of 7.05% from the stock's previous close.
• Devon Energy's stock currently holds an average rating of "Moderate Buy" with a consensus price target of $43.56 among investment analysts.
• The company reported a quarterly EPS of $0.84, surpassing estimates, and its revenue increased by 9.4% year-over-year, reaching $4.28 billion.

Devon Energy (NYSE:DVN - Get Free Report) had its price target upped by stock analysts at Evercore ISI from $34.00 to $37.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an "in-line" rating on the energy company's stock. Evercore ISI's price objective indicates a potential upside of 7.05% from the stock's previous close.

Several other research firms have also commented on DVN. Siebert Williams Shank increased their price target on shares of Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Raymond James Financial reiterated an "outperform" rating and set a $45.00 target price (up previously from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. Weiss Ratings reissued a "hold (c-)" rating on shares of Devon Energy in a research report on Saturday, September 27th. Tudor, Pickering, Holt & Co. upped their price objective on Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Finally, JPMorgan Chase & Co. lifted their price objective on Devon Energy from $40.00 to $42.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Sixteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $43.56.

Devon Energy Stock Up 0.7%

Devon Energy stock opened at $34.56 on Monday. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $43.29. The firm has a market capitalization of $21.94 billion, a price-to-earnings ratio of 7.75, a price-to-earnings-growth ratio of 2.00 and a beta of 1.03. The stock's fifty day moving average is $34.44 and its two-hundred day moving average is $33.14. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.41 EPS. Analysts predict that Devon Energy will post 4.85 EPS for the current fiscal year.

Insider Activity at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the company's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the transaction, the director owned 31,801 shares of the company's stock, valued at $1,064,061.46. This represents a 19.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.73% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Devon Energy

A number of large investors have recently bought and sold shares of the stock. Opal Wealth Advisors LLC acquired a new position in Devon Energy in the second quarter valued at $25,000. Caldwell Trust Co acquired a new stake in Devon Energy in the 2nd quarter valued at $25,000. Financial Gravity Asset Management Inc. purchased a new position in Devon Energy in the first quarter valued at about $26,000. Banque Cantonale Vaudoise acquired a new position in shares of Devon Energy during the first quarter worth about $26,000. Finally, Trust Co. of Vermont boosted its position in shares of Devon Energy by 241.3% in the second quarter. Trust Co. of Vermont now owns 942 shares of the energy company's stock worth $30,000 after buying an additional 666 shares during the period. 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.

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