Piper Sandler Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price target increased by stock analysts at Piper Sandler from $54.00 to $55.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the energy company’s stock. Piper Sandler’s price target would suggest a potential upside of 47.24% from the stock’s previous close.

DVN has been the subject of several other reports. Cowen cut shares of Devon Energy to a “hold” rating and decreased their target price for the company from $46.00 to $45.00 in a research note on Tuesday, February 18th. Benchmark reiterated a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a research report on Thursday. Wells Fargo & Company dropped their target price on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Wednesday, January 15th. Finally, StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $48.87.

Devon Energy Stock Performance

DVN traded down $0.14 during midday trading on Monday, hitting $37.36. 2,873,413 shares of the company were exchanged, compared to its average volume of 9,590,099. The company’s 50 day simple moving average is $34.47 and its 200 day simple moving average is $38.31. The firm has a market capitalization of $24.24 billion, a price-to-earnings ratio of 8.19, a price-to-earnings-growth ratio of 1.20 and a beta of 1.98. Devon Energy has a 1-year low of $30.39 and a 1-year high of $55.09. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. As a group, sell-side analysts predict that Devon Energy will post 4.85 earnings per share for the current year.

Institutional Trading of Devon Energy

Several large investors have recently added to or reduced their stakes in DVN. Hazlett Burt & Watson Inc. boosted its position in shares of Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after acquiring an additional 290 shares during the last quarter. Sfmg LLC raised its stake in Devon Energy by 0.5% during the third quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock worth $2,538,000 after purchasing an additional 294 shares during the period. Redwood Wealth Management Group LLC grew its stake in shares of Devon Energy by 3.9% in the 4th quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock valued at $266,000 after buying an additional 309 shares during the period. Cornerstone Wealth Management LLC increased its holdings in shares of Devon Energy by 1.6% during the 4th quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock worth $695,000 after buying an additional 326 shares during the last quarter. Finally, Annex Advisory Services LLC increased its holdings in shares of Devon Energy by 1.2% during the 4th quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company’s stock worth $884,000 after buying an additional 327 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other 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.