Devon Energy (NYSE:DVN – Get Rating) had its target price lifted by Citigroup from $77.00 to $80.00 in a report issued on Friday, The Fly reports. Citigroup’s price target would suggest a potential upside of 11.61% from the stock’s current price.
Other equities analysts have also recently issued research reports about the stock. Raymond James increased their price objective on shares of Devon Energy from $80.00 to $85.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 17th. Barclays set a $89.00 price objective on Devon Energy in a research note on Tuesday, July 19th. The Goldman Sachs Group increased their target price on Devon Energy from $62.00 to $73.00 and gave the stock a “neutral” rating in a research note on Wednesday. Morgan Stanley dropped their target price on Devon Energy from $69.00 to $67.00 and set an “equal weight” rating for the company in a research report on Wednesday. Finally, Truist Financial increased their price target on shares of Devon Energy from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, August 10th. Nine equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $77.74.
Devon Energy Price Performance
Devon Energy stock opened at $71.68 on Friday. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.63. The company has a 50-day moving average price of $67.81 and a 200 day moving average price of $64.36. Devon Energy has a 12-month low of $35.55 and a 12-month high of $79.40. The stock has a market cap of $46.94 billion, a P/E ratio of 9.10, a PEG ratio of 0.14 and a beta of 2.41.
Devon Energy (NYSE:DVN – Get Rating) last announced its quarterly earnings results on Monday, August 1st. The energy company reported $2.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.38 by $0.21. Devon Energy had a net margin of 30.65% and a return on equity of 48.58%. The business had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $4.77 billion. During the same quarter last year, the firm earned $0.60 EPS. The business’s revenue was up 132.8% compared to the same quarter last year. Sell-side analysts anticipate that Devon Energy will post 8.96 earnings per share for the current year.
Institutional Trading of Devon Energy
A number of hedge funds have recently made changes to their positions in DVN. Diversified Trust Co acquired a new position in Devon Energy during the 1st quarter worth $290,000. Private Trust Co. NA increased its holdings in Devon Energy by 22.8% in the first quarter. Private Trust Co. NA now owns 8,210 shares of the energy company’s stock valued at $485,000 after buying an additional 1,522 shares during the last quarter. Moody National Bank Trust Division increased its holdings in Devon Energy by 5.9% in the first quarter. Moody National Bank Trust Division now owns 6,464 shares of the energy company’s stock valued at $382,000 after buying an additional 361 shares during the last quarter. Webster Bank N. A. lifted its holdings in Devon Energy by 33.3% during the 1st quarter. Webster Bank N. A. now owns 2,000 shares of the energy company’s stock worth $118,000 after buying an additional 500 shares during the last quarter. Finally, Redpoint Investment Management Pty Ltd grew its position in shares of Devon Energy by 9.4% in the 1st quarter. Redpoint Investment Management Pty Ltd now owns 16,727 shares of the energy company’s stock worth $989,000 after acquiring an additional 1,441 shares in the last quarter. Institutional investors and hedge funds own 79.19% of the company’s stock.
About Devon Energy
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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