Jefferies Financial Group Increases Devon Energy (NYSE:DVN) Price Target to $63.00

Key Points

• Jefferies Financial Group raised Devon Energy’s price target from $62 to $63 and maintained a buy rating, implying about 29% upside from the prior close.
• Other analysts have also been mostly positive, with multiple target increases and upgrades. MarketBeat data shows Devon Energy now has a consensus rating of Moderate Buy and an average target price of $56.85.
• Devon Energy’s latest quarterly results missed expectations, posting $1.04 EPS versus the $1.06 estimate and revenue of $3.81 billion versus $4.34 billion expected. Shares were down 1.6% on the day to around $48.71.

Devon Energy (NYSE:DVN - Get Free Report) had its target price upped by stock analysts at Jefferies Financial Group from $62.00 to $63.00 in a report released on Monday,MarketScreener reports. The brokerage currently has a "buy" rating on the energy company's stock. Jefferies Financial Group's target price indicates a potential upside of 29.33% from the company's previous close.

A number of other research analysts also recently weighed in on DVN. Zacks Research upgraded Devon Energy from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 28th. Scotiabank lifted their price target on Devon Energy from $41.00 to $46.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. Argus upped their price target on Devon Energy from $41.00 to $51.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. Siebert Williams Shank raised their price objective on Devon Energy from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Monday, January 26th. Finally, Evercore started coverage on shares of Devon Energy in a report on Friday. They set an "in-line" rating and a $54.00 target price on the stock. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $56.85.

Devon Energy Stock Down 1.6%

Shares of NYSE DVN opened at $48.71 on Monday. The firm has a fifty day simple moving average of $47.75 and a two-hundred day simple moving average of $41.44. Devon Energy has a 12 month low of $30.24 and a 12 month high of $52.71. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $30.27 billion, a PE ratio of 13.56 and a beta of 0.43.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the previous year, the firm posted $0.82 EPS. The company's revenue for the quarter was down 14.5% on a year-over-year basis. Equities analysts expect that Devon Energy will post 5.25 earnings per share for the current year.

Insider Buying and Selling at Devon Energy

In other news, SVP Adam M. Vela sold 24,342 shares of the firm's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of the transaction, the senior vice president directly owned 130,540 shares in the company, valued at $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the transaction, the executive vice president directly owned 428,452 shares of the company's stock, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.73% of the company's stock.

Institutional Trading of Devon Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Devon Energy in the fourth quarter worth approximately $25,000. First Horizon Corp purchased a new stake in Devon Energy during the 3rd quarter valued at $26,000. SouthState Bank Corp increased its holdings in shares of Devon Energy by 173.6% in the 1st quarter. SouthState Bank Corp now owns 766 shares of the energy company's stock worth $39,000 after purchasing an additional 486 shares in the last quarter. MV Capital Management Inc. purchased a new position in shares of Devon Energy in the fourth quarter worth $29,000. Finally, Garton & Associates Financial Advisors LLC purchased a new position in shares of Devon Energy in the fourth quarter worth $29,000. 69.72% of the stock is currently owned by institutional investors.

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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