Raymond James Financial Forecasts Strong Price Appreciation for Devon Energy (NYSE:DVN) Stock

Key Points

• Raymond James raised its price target on Devon Energy from $44 to $52 and maintained an "outperform" rating, implying roughly a 16.97% upside; the analyst consensus is a Moderate Buy with an average target of $46.24.
• Devon recently traded near $44.46 (52-week range $25.89–$44.11), has a market cap of $27.89 billion and a PE of 10.47, and about 69.72% of the shares are held by institutional investors.

Devon Energy (NYSE:DVN - Get Free Report) had its price objective raised by research analysts at Raymond James Financial from $44.00 to $52.00 in a research report issued on Wednesday,MarketScreener reports. The brokerage currently has an "outperform" rating on the energy company's stock. Raymond James Financial's price objective points to a potential upside of 16.97% from the stock's previous close.

DVN has been the subject of several other research reports. Benchmark restated a "buy" rating on shares of Devon Energy in a research report on Friday, January 16th. Siebert Williams Shank lifted their price target on shares of Devon Energy from $46.00 to $50.00 and gave the stock a "buy" rating in a research report on Monday, January 26th. UBS Group set a $50.00 price target on shares of Devon Energy in a research note on Wednesday, February 4th. Mizuho set a $51.00 target price on shares of Devon Energy in a report on Tuesday, February 3rd. Finally, Johnson Rice cut their price target on Devon Energy from $70.00 to $62.00 and set a "buy" rating on the stock in a research note on Friday, December 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $46.24.

Devon Energy Trading Up 2.2%

Devon Energy stock opened at $44.46 on Wednesday. Devon Energy has a 52 week low of $25.89 and a 52 week high of $44.11. The firm has a market capitalization of $27.89 billion, a PE ratio of 10.47, a PEG ratio of 3.80 and a beta of 0.61. The business's 50-day simple moving average is $37.83 and its 200-day simple moving average is $35.52. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.87 and a current ratio of 0.96.

Hedge Funds Weigh In On Devon Energy

Several institutional investors and hedge funds have recently made changes to their positions in DVN. TD Private Client Wealth LLC grew its stake in Devon Energy by 3.4% in the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company's stock valued at $262,000 after acquiring an additional 236 shares during the period. Catalyst Financial Partners LLC raised its position in shares of Devon Energy by 3.9% during the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company's stock worth $246,000 after purchasing an additional 254 shares during the last quarter. Cary Street Partners Investment Advisory LLC raised its position in shares of Devon Energy by 21.0% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company's stock worth $54,000 after purchasing an additional 257 shares during the last quarter. Murphy Pohlad Asset Management LLC lifted its stake in Devon Energy by 0.3% in the 4th quarter. Murphy Pohlad Asset Management LLC now owns 113,537 shares of the energy company's stock valued at $4,159,000 after buying an additional 295 shares in the last quarter. Finally, Aprio Wealth Management LLC boosted its holdings in Devon Energy by 4.1% in the 3rd quarter. Aprio Wealth Management LLC now owns 7,521 shares of the energy company's stock worth $264,000 after buying an additional 297 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

About Devon Energy

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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