Susquehanna Increases Devon Energy (NYSE:DVN) Price Target to $57.00

Key Points

• Susquehanna raised its price target on Devon Energy to $57 from $52 and maintained a "positive" rating, implying roughly a 27.25% upside from the prior close.
• The analyst consensus is a "Moderate Buy" with an average price target of $53.96, though individual views vary (e.g., Piper Sandler $67 overweight; Truist $63 buy).
• Devon recently beat quarterly estimates with $0.82 EPS (vs. $0.81) and $4.12B revenue; the stock was trading near $44.80 and the company has a market cap of about $27.8B.

Devon Energy (NYSE:DVN - Get Free Report) had its price objective boosted by equities research analysts at Susquehanna from $52.00 to $57.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. The brokerage presently has a "positive" rating on the energy company's stock. Susquehanna's price objective would suggest a potential upside of 27.25% from the company's previous close.

Other equities analysts have also issued reports about the company. Weiss Ratings upgraded Devon Energy from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, January 28th. Jefferies Financial Group increased their price objective on Devon Energy from $44.00 to $53.00 and gave the company a "hold" rating in a report on Monday, April 13th. Piper Sandler raised their price objective on Devon Energy from $59.00 to $67.00 and gave the company an "overweight" rating in a research note on Thursday, March 12th. Siebert Williams Shank boosted their target price on Devon Energy from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Monday, January 26th. Finally, Truist Financial started coverage on Devon Energy in a research report on Tuesday, March 24th. They set a "buy" rating and a $63.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $53.96.

Devon Energy Stock Performance

DVN stock opened at $44.80 on Tuesday. The firm has a 50 day moving average of $46.40 and a two-hundred day moving average of $39.67. Devon Energy has a 12 month low of $29.70 and a 12 month high of $52.71. The company has a market capitalization of $27.84 billion, a price-to-earnings ratio of 10.75, a P/E/G ratio of 0.80 and a beta of 0.47. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results 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 business had revenue of $4.12 billion for the quarter, compared to the consensus estimate of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. Devon Energy's revenue for the quarter was down 6.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.10 EPS. As a group, equities analysts anticipate that Devon Energy will post 4.94 EPS for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently added to or reduced their stakes in the company. PFS Partners LLC acquired a new stake in shares of Devon Energy during the 3rd quarter worth approximately $25,000. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in Devon Energy in the fourth quarter worth about $25,000. First Horizon Corp bought a new position in Devon Energy during the third quarter worth about $26,000. Accredited Wealth Management LLC lifted its stake in Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock worth $28,000 after purchasing an additional 308 shares during the period. Finally, Ameriflex Group Inc. boosted its holdings 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 purchasing an additional 702 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

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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