Scotiabank Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Key Points

• Scotiabank raised its price target on Devon Energy from $41 to $46 while maintaining a "sector perform" rating, implying roughly a 0.86% downside from the prior close.
• Analyst sentiment is broadly positive with a consensus rating of Moderate Buy and a consensus target of $54.14, as several firms (e.g., Citigroup to $60, Barclays to $54) recently raised price targets despite mixed ratings.
• Devon beat quarterly estimates (EPS $0.82 vs. $0.81; revenue $4.12B vs. $3.67B), its stock rose about 1.7% to $46.40, and it trades at a P/E of 11.14 with a market cap near $28.8 billion.

Devon Energy (NYSE:DVN - Get Free Report) had its price objective lifted by equities researchers at Scotiabank from $41.00 to $46.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "sector perform" rating on the energy company's stock. Scotiabank's price target would suggest a potential downside of 0.86% from the company's previous close.

A number of other research firms also recently issued reports on DVN. Citigroup lifted their price target on Devon Energy from $44.00 to $60.00 and gave the company a "buy" rating in a research note on Monday, March 30th. TD Cowen increased their price objective on Devon Energy from $46.00 to $50.00 and gave the stock a "hold" rating in a research note on Tuesday, March 17th. JPMorgan Chase & Co. dropped their target price on Devon Energy from $44.00 to $41.00 and set an "overweight" rating on the stock in a report on Thursday, January 15th. Weiss Ratings upgraded Devon Energy from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, January 28th. Finally, Barclays increased their price target on Devon Energy from $52.00 to $54.00 and gave the company an "overweight" rating in a research report on Monday, March 16th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.14.

Devon Energy Stock Up 1.7%

DVN stock traded up $0.80 during midday trading on Wednesday, reaching $46.40. 5,092,291 shares of the company's stock traded hands, compared to its average volume of 13,648,177. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. The firm's fifty day moving average price is $46.44 and its 200-day moving average price is $39.75. Devon Energy has a 52 week low of $29.70 and a 52 week high of $52.71. The company has a market cap of $28.83 billion, a price-to-earnings ratio of 11.14, a P/E/G ratio of 0.81 and a beta of 0.47.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.01. The firm had revenue of $4.12 billion for the quarter, compared to analyst estimates of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The business's quarterly revenue was down 6.4% compared to the same quarter last year. During the same period last year, the firm earned $1.10 earnings per share. As a group, sell-side analysts forecast that Devon Energy will post 4.94 earnings per share for the current fiscal year.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently modified their holdings of the business. PFS Partners LLC bought a new position in Devon Energy in the 3rd quarter valued at $25,000. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in shares of Devon Energy in the 4th quarter worth about $25,000. First Horizon Corp purchased a new position in shares of Devon Energy in the 3rd quarter worth about $26,000. Accredited Wealth Management LLC grew its position in Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock valued at $28,000 after buying an additional 308 shares during the period. Finally, Ameriflex Group Inc. grew its position in Devon Energy by 702.0% during the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company's stock valued at $28,000 after buying an additional 702 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

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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