Wells Fargo & Company Has Lowered Expectations for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN - Get Free Report) had its price target cut by Wells Fargo & Company from $46.00 to $41.00 in a research note issued on Monday,Benzinga reports. The firm presently has an "overweight" rating on the energy company's stock. Wells Fargo & Company's target price would indicate a potential upside of 19.23% from the stock's previous close.

A number of other brokerages have also recently weighed in on DVN. Royal Bank of Canada reduced their price target on shares of Devon Energy from $49.00 to $40.00 and set a "sector perform" rating on the stock in a research report on Monday, April 14th. Benchmark reaffirmed a "buy" rating and set a $44.00 price target on shares of Devon Energy in a research report on Thursday, February 20th. Scotiabank reduced their price target on shares of Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating on the stock in a research report on Friday, April 11th. JPMorgan Chase & Co. reduced their price target on shares of Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. Finally, Williams Trading set a $50.00 price target on shares of Devon Energy in a research report on Wednesday, March 5th. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of "Moderate Buy" and an average target price of $43.50.

Devon Energy Price Performance

Shares of DVN traded down $0.72 during trading hours on Monday, reaching $34.39. The company had a trading volume of 3,080,423 shares, compared to its average volume of 8,707,560. The firm has a 50 day simple moving average of $31.38 and a 200-day simple moving average of $33.59. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $22.08 billion, a price-to-earnings ratio of 7.54, a PEG ratio of 1.20 and a beta of 1.02. Devon Energy has a 12-month low of $25.89 and a 12-month high of $49.35.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The business had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. During the same period in the previous year, the company posted $1.16 earnings per share. Devon Energy's revenue was up 23.8% on a year-over-year basis. Research analysts expect that Devon Energy will post 4.85 earnings per share for the current year.

Hedge Funds Weigh In On Devon Energy

Several large investors have recently bought and sold shares of DVN. Resona Asset Management Co. Ltd. acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $5,967,000. Merit Financial Group LLC increased its stake in shares of Devon Energy by 209.5% in the first quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock valued at $848,000 after buying an additional 15,351 shares during the period. Aviva PLC increased its stake in shares of Devon Energy by 767.3% in the fourth quarter. Aviva PLC now owns 376,999 shares of the energy company's stock valued at $12,339,000 after buying an additional 333,530 shares during the period. Ninepoint Partners LP increased its stake in shares of Devon Energy by 12.5% in the fourth quarter. Ninepoint Partners LP now owns 450,000 shares of the energy company's stock valued at $14,728,000 after buying an additional 50,000 shares during the period. Finally, Amundi increased its stake in shares of Devon Energy by 2.3% in the fourth quarter. Amundi now owns 2,220,879 shares of the energy company's stock valued at $78,064,000 after buying an additional 50,301 shares during the period. 69.72% of the stock is currently owned by institutional investors.

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.