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

Key Points

• Wolfe Research raised its target price for Devon Energy to $65 (from $64) and kept an "outperform" rating, implying roughly a 30.84% upside from the current share price.
• Analyst consensus is a Moderate Buy with a $51.39 average price target, and several firms (Argus, Raymond James, Scotiabank, Weiss) have recently upgraded ratings or increased targets.
• Devon recently beat quarterly expectations with EPS of $0.82 (vs. $0.81 est.) and revenue of $4.12B (vs. $3.67B est.), and the stock trades near $49.68 with a 12‑month high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) had its target price increased by equities research analysts at Wolfe Research from $64.00 to $65.00 in a research note issued to investors on Monday,MarketScreener reports. The firm currently has an "outperform" rating on the energy company's stock. Wolfe Research's price target suggests a potential upside of 30.84% from the stock's current price.

Several other research analysts have also commented on DVN. Weiss Ratings upgraded shares of Devon Energy from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, January 28th. Scotiabank upgraded Devon Energy to a "hold" rating in a research note on Friday, March 27th. Argus boosted their target price on shares of Devon Energy from $41.00 to $51.00 and gave the stock a "buy" rating in a research report on Thursday, February 26th. Raymond James Financial increased their price target on shares of Devon Energy from $44.00 to $52.00 and gave the company an "outperform" rating in a report on Wednesday, February 11th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Devon Energy from $44.00 to $41.00 and set an "overweight" rating for the company in a research report on Thursday, January 15th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $51.39.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $49.68 on Monday. The stock has a market cap of $30.87 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 0.97 and a beta of 0.47. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.90. Devon Energy has a 12 month low of $25.89 and a 12 month high of $52.71. The stock's 50 day moving average price is $45.15 and its 200 day moving average price is $38.76.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.01. The company had revenue of $4.12 billion for the quarter, compared to analysts' expectations of $3.67 billion. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The firm's revenue for the quarter was down 6.4% on a year-over-year basis. During the same period last year, the firm earned $1.10 EPS. Equities research analysts anticipate that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Caldwell Trust Co bought a new stake in Devon Energy during the 2nd quarter worth approximately $25,000. PFS Partners LLC bought a new stake in Devon Energy in the third quarter valued at approximately $25,000. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Devon Energy in the fourth quarter worth about $25,000. First Horizon Corp bought a new stake in Devon Energy during the 3rd quarter worth approximately $26,000. Finally, Accredited Wealth Management LLC raised its holdings in shares of 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 acquiring an additional 308 shares during the period. 69.72% of the stock is currently 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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