Piper Sandler Cuts Devon Energy (NYSE:DVN) Price Target to $53.00

Devon Energy (NYSE:DVN) had its target price lowered by equities researchers at Piper Sandler from $57.00 to $53.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the energy company’s stock. Piper Sandler’s price target suggests a potential upside of 66.04% from the stock’s current price.

Several other equities analysts have also issued reports on DVN. Barclays lowered their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Susquehanna cut their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Raymond James decreased their price target on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Jefferies Financial Group began coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective for the company. Finally, Evercore ISI decreased their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $50.05.

Devon Energy Stock Performance

NYSE DVN traded down $0.67 during trading on Tuesday, hitting $31.92. The company’s stock had a trading volume of 6,599,580 shares, compared to its average volume of 7,584,661. Devon Energy has a 52 week low of $31.85 and a 52 week high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The firm has a market cap of $20.97 billion, a P/E ratio of 5.92, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99. The firm has a 50 day moving average price of $38.54 and a 200 day moving average price of $42.43.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.65 EPS. Equities research analysts forecast that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. 1620 Investment Advisors Inc. acquired a new position in Devon Energy in the second quarter valued at about $34,000. Capital Performance Advisors LLP bought a new stake in shares of Devon Energy in the 3rd quarter valued at $35,000. PSI Advisors LLC increased its position in shares of Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after buying an additional 300 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new stake in Devon Energy during the 3rd quarter worth $39,000. Finally, True Wealth Design LLC lifted its holdings in Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after acquiring an additional 1,089 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

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.