Devon Energy (NYSE:DVN) Given New $69.00 Price Target at Truist Financial

Devon Energy (NYSE:DVN - Get Free Report) had its price target upped by equities researchers at Truist Financial from $66.00 to $69.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a "buy" rating on the energy company's stock. Truist Financial's target price indicates a potential upside of 32.36% from the company's previous close.

Several other research firms have also commented on DVN. Barclays began coverage on shares of Devon Energy in a report on Wednesday, April 10th. They issued an "equal weight" rating and a $59.00 target price on the stock. Mizuho decreased their price target on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating on the stock in a report on Thursday, January 11th. Scotiabank lifted their price target on shares of Devon Energy from $53.00 to $67.00 and gave the company a "sector outperform" rating in a report on Thursday, April 11th. Piper Sandler lifted their price target on shares of Devon Energy from $59.00 to $60.00 and gave the company an "overweight" rating in a report on Friday. Finally, Citigroup lifted their target price on shares of Devon Energy from $55.00 to $62.00 and gave the stock a "buy" rating in a research report on Thursday, April 11th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $58.28.

Devon Energy Stock Performance

Shares of NYSE DVN traded up $0.30 during mid-day trading on Monday, reaching $52.13. 6,361,199 shares of the company were exchanged, compared to its average volume of 7,983,792. The company's 50-day simple moving average is $48.09 and its 200-day simple moving average is $45.98. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $33.10 billion, a P/E ratio of 8.94 and a beta of 2.19. Devon Energy has a twelve month low of $40.47 and a twelve month high of $55.09.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company had revenue of $4.15 billion during the quarter, compared to analysts' expectations of $3.88 billion. During the same quarter last year, the company posted $1.66 EPS. Devon Energy's quarterly revenue was down 3.6% compared to the same quarter last year. As a group, research analysts predict that Devon Energy will post 5.14 earnings per share for the current year.

Institutional Trading of Devon Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Salem Investment Counselors Inc. lifted its holdings in Devon Energy by 31.4% during the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company's stock valued at $42,000 after purchasing an additional 199 shares during the last quarter. Avior Wealth Management LLC lifted its holdings in Devon Energy by 4.9% during the third quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company's stock valued at $210,000 after purchasing an additional 207 shares during the last quarter. MCF Advisors LLC lifted its holdings in Devon Energy by 5.6% during the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company's stock valued at $202,000 after purchasing an additional 215 shares during the last quarter. Cornerstone Wealth Management LLC lifted its holdings in Devon Energy by 1.9% during the third quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company's stock valued at $550,000 after purchasing an additional 218 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its holdings in Devon Energy by 2.1% during the third quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company's stock valued at $567,000 after purchasing an additional 239 shares during the last quarter. 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.