Piper Sandler Cuts Devon Energy (NYSE:DVN) Price Target to $57.00

Key Points

• Piper Sandler has reduced the price target for Devon Energy from $58.00 to $57.00, maintaining an "overweight" rating on the stock.
• Devon Energy's stock closed at $33.46, having a year-to-date trading range of $25.89 to $46.04.
• Analysts have mixed ratings on Devon Energy, with a consensus of 15 buy ratings and 11 hold ratings, leading to an average target price of $43.93.

Devon Energy (NYSE:DVN - Get Free Report) had its price target cut by Piper Sandler from $58.00 to $57.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the energy company's stock. Piper Sandler's price objective would suggest a potential upside of 70.35% from the company's previous close.

Other equities research analysts also recently issued reports about the stock. Wolfe Research raised their price target on shares of Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a research note on Monday, June 23rd. Wall Street Zen upgraded shares of Devon Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Mizuho dropped their price target on Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. BMO Capital Markets increased their price target on Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a research note on Monday, July 14th. Finally, Barclays raised their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Eleven research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Devon Energy currently has an average rating of "Moderate Buy" and an average target price of $43.93.

Devon Energy Stock Performance

Shares of NYSE:DVN traded down $0.16 on Thursday, hitting $33.46. The company had a trading volume of 813,815 shares, compared to its average volume of 9,029,260. Devon Energy has a 1-year low of $25.89 and a 1-year high of $46.04. The stock has a market cap of $21.24 billion, a price-to-earnings ratio of 7.50, a P/E/G ratio of 1.89 and a beta of 1.07. The stock has a 50 day moving average price of $33.17 and a 200 day moving average price of $33.18. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55.

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, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The firm had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the previous year, the company earned $1.41 earnings per share. The company's quarterly revenue was up 9.4% on a year-over-year basis. Analysts expect that Devon Energy will post 4.85 EPS for the current year.

Insider Activity

In related news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.71% of the company's stock.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Devon Energy by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock valued at $3,096,000,000 after acquiring an additional 2,098,568 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Devon Energy by 1.2% during the second quarter. Geode Capital Management LLC now owns 18,595,683 shares of the energy company's stock worth $589,399,000 after buying an additional 218,034 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Devon Energy by 12.9% during the first quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock worth $430,805,000 after buying an additional 1,315,050 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its position in shares of Devon Energy by 42.8% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company's stock worth $340,236,000 after buying an additional 3,114,656 shares in the last quarter. Finally, Northern Trust Corp grew its position in shares of Devon Energy by 5.1% during the first quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company's stock worth $245,987,000 after buying an additional 316,460 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.