Truist Financial Lowers Devon Energy (NYSE:DVN) Price Target to $61.00

Key Points

• Truist Financial cut its price target on Devon Energy from $66 to $61, while keeping a buy rating. The new target still implies about 44% upside from the previous close.
• Analyst sentiment remains generally positive: the stock has a Moderate Buy consensus rating, with a consensus price target of $59.56. Other firms recently issued targets ranging from $54 to $68.
• Devon Energy shares were down 2.2% to $42.34, and the company recently reported quarterly earnings of $1.04 per share, slightly below estimates, on revenue of $3.81 billion, also below expectations.

Devon Energy (NYSE:DVN - Get Free Report) had its price objective reduced by Truist Financial from $66.00 to $61.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the energy company's stock. Truist Financial's price target points to a potential upside of 44.06% from the company's previous close.

DVN has been the topic of several other reports. Evercore raised shares of Devon Energy from an "in-line" rating to an "outperform" rating and set a $54.00 target price on the stock in a research report on Wednesday, June 10th. Roth Capital reaffirmed a "buy" rating and issued a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, April 28th. Wells Fargo & Company lifted their price objective on shares of Devon Energy from $66.00 to $68.00 and gave the stock an "overweight" rating in a research report on Monday, May 18th. UBS Group reduced their target price on Devon Energy from $60.00 to $58.00 and set a "buy" rating for the company in a report on Wednesday, June 10th. Finally, Wolfe Research set a $67.00 target price on Devon Energy and gave the stock an "outperform" rating in a research report on Monday, June 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $59.56.

Devon Energy Stock Down 2.2%

Shares of Devon Energy stock opened at $42.34 on Thursday. Devon Energy has a 12-month low of $31.45 and a 12-month high of $52.71. The firm has a market capitalization of $26.31 billion, a PE ratio of 11.84 and a beta of 0.38. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The stock's fifty day moving average is $45.16 and its 200-day moving average is $43.79.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company's revenue for the quarter was down 14.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.82 EPS. Equities analysts anticipate that Devon Energy will post 4.81 earnings per share for the current year.

Insider Activity at Devon Energy

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of the business's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the sale, the senior vice president directly owned 130,540 shares of the company's stock, valued at $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 112,371 shares of company stock valued at $5,258,059. Insiders own 4.58% of the company's stock.

Hedge Funds Weigh In On Devon Energy

Hedge funds have recently bought and sold shares of the business. Pacer Advisors Inc. boosted its stake in shares of Devon Energy by 2,108.0% during the 4th quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company's stock worth $233,953,000 after acquiring an additional 6,097,658 shares in the last quarter. Panagora Asset Management Inc. boosted its position in Devon Energy by 42,376.5% during the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company's stock worth $132,206,000 after purchasing an additional 3,600,731 shares during the period. Kimmeridge Energy Management Company LLC grew its holdings in Devon Energy by 56.5% during the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock valued at $324,204,000 after purchasing an additional 3,195,862 shares during the last quarter. AQR Capital Management LLC grew its holdings in Devon Energy by 78.7% during the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company's stock valued at $202,327,000 after purchasing an additional 2,802,137 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Devon Energy by 92.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company's stock valued at $260,692,000 after purchasing an additional 2,485,603 shares during the period. 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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