Devon Energy (NYSE:DVN) Price Target Raised to $103.00 at Truist Financial – Defense World

Devon Energy (NYSE:DVN – Get Rating) had its price target boosted by stock analysts at Truist Financial from $100.00 to $103.00 in a research note issued to investors on Thursday, The Fly reports. Truist Financial’s price objective indicates a potential upside of 32.17% from the company’s current price.

DVN has been the topic of several other research reports. Barclays cut shares of Devon Energy from an “overweight” rating to an “equal weight” rating and set a $73.00 price target on the stock. in a research report on Wednesday, May 25th. Johnson Rice lowered shares of Devon Energy from a “buy” rating to an “accumulate” rating in a research note on Tuesday, May 24th. StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a research report on Friday, May 13th. Susquehanna Bancshares upped their price target on Devon Energy from $62.00 to $73.00 in a report on Monday, April 25th. Finally, Royal Bank of Canada upped their price target on Devon Energy from $54.00 to $62.00 in a report on Thursday, February 17th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Devon Energy presently has an average rating of “Buy” and an average price target of $70.83.

DVN opened at $77.93 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $51.43 billion, a PE ratio of 14.62 and a beta of 2.59. The firm has a 50 day moving average of $66.21 and a two-hundred day moving average of $55.86. Devon Energy has a 12-month low of $24.05 and a 12-month high of $79.19.

Devon Energy (NYSE:DVN – Get Rating) last released its quarterly earnings results on Monday, May 2nd. The energy company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.14. Devon Energy had a net margin of 25.69% and a return on equity of 36.57%. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter last year, the company earned $0.45 EPS. As a group, analysts predict that Devon Energy will post 8.82 EPS for the current fiscal year.

Devon Energy declared that its Board of Directors has initiated a share repurchase program on Monday, May 2nd that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the energy company to buy up to 4.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

In other news, CFO Jeffrey L. Ritenour sold 55,000 shares of Devon Energy stock in a transaction dated Friday, March 11th. The shares were sold at an average price of $58.35, for a total transaction of $3,209,250.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kelt Kindick sold 9,049 shares of Devon Energy stock in a transaction dated Friday, May 6th. The stock was sold at an average price of $68.03, for a total transaction of $615,603.47. Following the sale, the director now owns 42,590 shares of the company’s stock, valued at $2,897,397.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 117,772 shares of company stock valued at $7,327,688. 0.80% of the stock is currently owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Canton Hathaway LLC purchased a new stake in Devon Energy in the fourth quarter valued at approximately $25,000. Zullo Investment Group Inc. purchased a new stake in Devon Energy in the fourth quarter valued at approximately $25,000. WASHINGTON TRUST Co purchased a new stake in Devon Energy in the first quarter valued at approximately $26,000. Canada Pension Plan Investment Board purchased a new stake in Devon Energy in the first quarter valued at approximately $26,000. Finally, JNBA Financial Advisors grew its holdings in Devon Energy by 274.4% in the first quarter. JNBA Financial Advisors now owns 498 shares of the energy company’s stock valued at $29,000 after purchasing an additional 365 shares during the period. Hedge funds and other institutional investors own 87.01% of the company’s stock.

Devon Energy Company Profile (Get Rating)

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Source: defenseworld.net