UBS Group Cuts Devon Energy (NYSE:DVN) Price Target to $47.00

Devon Energy (NYSE:DVN) had its price target dropped by stock analysts at UBS Group from $53.00 to $47.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the energy company’s stock. UBS Group’s target price points to a potential upside of 16.92% from the company’s previous close.

A number of other research firms have also weighed in on DVN. Sanford C. Bernstein decreased their price target on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research report on Wednesday, July 17th. Royal Bank of Canada restated a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. decreased their price target on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Bank of America reiterated a “buy” rating and issued a $64.00 price target on shares of Devon Energy in a report on Friday, June 14th. Finally, Wells Fargo & Company reduced their price target on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 14th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $57.00.

Devon Energy Price Performance

Devon Energy stock traded down $0.26 during mid-day trading on Wednesday, reaching $40.20. The company had a trading volume of 1,177,678 shares, compared to its average volume of 7,077,669. The company has a market capitalization of $25.41 billion, a P/E ratio of 7.66, a P/E/G ratio of 1.13 and a beta of 2.03. Devon Energy has a 1 year low of $39.02 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The stock’s 50-day simple moving average is $44.50 and its 200-day simple moving average is $47.42.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business’s revenue was up 13.4% on a year-over-year basis. During the same period last year, the business earned $1.18 EPS. On average, equities analysts predict that Devon Energy will post 5.36 EPS for the current year.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Creekmur Asset Management LLC purchased a new stake in Devon Energy in the 4th quarter valued at approximately $791,000. Wahed Invest LLC boosted its stake in shares of Devon Energy by 6.3% in the fourth quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock valued at $496,000 after purchasing an additional 648 shares during the period. Tradewinds Capital Management LLC purchased a new stake in Devon Energy during the 1st quarter worth approximately $30,000. MCF Advisors LLC lifted its position in shares of Devon Energy by 5.6% during the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after purchasing an additional 215 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Devon Energy by 39.2% in the first quarter. GAMMA Investing LLC now owns 10,927 shares of the energy company’s stock valued at $548,000 after acquiring an additional 3,079 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Company Profile

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.