Devon Energy (NYSE:DVN) Price Target Lowered to $42.00 at Truist Financial

Devon Energy (NYSE:DVN) had its target price dropped by equities researchers at Truist Financial from $43.00 to $42.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the energy company’s stock. Truist Financial’s price objective indicates a potential upside of 14.01% from the stock’s previous close.

DVN has been the topic of several other research reports. Barclays reduced their price objective on shares of 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. Evercore ISI cut their price objective 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. Scotiabank reduced their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research note on Friday, January 3rd. Finally, UBS Group reduced their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Eleven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.43.

Devon Energy Price Performance

DVN traded up $0.85 during trading on Monday, hitting $36.84. 1,525,944 shares of the stock traded hands, compared to its average volume of 9,767,847. The business has a 50 day moving average price of $35.62 and a 200 day moving average price of $40.56. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy has a twelve month low of $30.39 and a twelve month high of $55.09. The company has a market cap of $24.20 billion, a price-to-earnings ratio of 6.83, a PEG ratio of 1.07 and a beta of 1.99.

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

Institutional Investors Weigh In On Devon Energy

Hedge funds have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP purchased a new position in shares of Devon Energy in the 3rd quarter worth about $35,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Devon Energy during the third quarter valued at approximately $39,000. True Wealth Design LLC increased its position in shares of 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 valued at $44,000 after acquiring an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. raised its holdings in Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after acquiring an additional 290 shares during the last quarter. Finally, Activest Wealth Management boosted its stake in Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after purchasing an additional 480 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

About Devon Energy

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.