Devon Energy (NYSE:DVN) had its target price increased by equities research analysts at Truist from $14.00 to $190.00 in a research note issued to investors on Wednesday, The Fly reports.
A number of other equities analysts also recently weighed in on the stock. Bank of America cut their price target on shares of Devon Energy from $21.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday, September 28th. Scotiabank reaffirmed an "outperform" rating and set a $20.00 price target (up previously from $14.00) on shares of Devon Energy in a research note on Thursday, November 19th. Raymond James increased their price target on shares of Devon Energy from $13.00 to $15.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 11th. MKM Partners increased their price objective on shares of Devon Energy from $19.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, November 2nd. Finally, The Goldman Sachs Group raised shares of Devon Energy from a "buy" rating to a "conviction-buy" rating in a research report on Tuesday, December 15th. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. Devon Energy has an average rating of "Buy" and an average price target of $24.63.
NYSE:DVN traded up $0.83 during trading hours on Wednesday, reaching $15.66. 6,573,528 shares of the company were exchanged, compared to its average volume of 10,047,121. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.03 and a quick ratio of 2.03. The firm has a market cap of $5.99 billion, a price-to-earnings ratio of -1.83 and a beta of 3.50. Devon Energy has a 52-week low of $4.70 and a 52-week high of $26.98. The stock has a 50 day simple moving average of $13.83 and a 200 day simple moving average of $11.47.
Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Thursday, October 29th. The energy company reported ($0.04) earnings per share for the quarter, topping the Zacks' consensus estimate of ($0.08) by $0.04. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.11 billion. Devon Energy had a negative net margin of 62.68% and a positive return on equity of 2.38%. Devon Energy's revenue was down 38.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.26 earnings per share. On average, analysts predict that Devon Energy will post -0.07 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Eudaimonia Partners LLC bought a new position in Devon Energy during the 3rd quarter valued at $95,000. Nachman Norwood & Parrott Inc bought a new position in Devon Energy during the 3rd quarter valued at $27,000. Bourgeon Capital Management LLC boosted its stake in Devon Energy by 1,150.0% during the 3rd quarter. Bourgeon Capital Management LLC now owns 6,250 shares of the energy company's stock valued at $59,000 after acquiring an additional 5,750 shares during the last quarter. Game Creek Capital LP bought a new position in Devon Energy during the 3rd quarter valued at $95,000. Finally, Ethic Inc. bought a new position in Devon Energy during the 3rd quarter valued at $96,000. Hedge funds and other institutional investors own 75.98% of the company's stock.
About Devon Energy
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 3,955 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
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