Citigroup Issues Pessimistic Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price target decreased by analysts at Citigroup from $48.00 to $46.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the energy company’s stock. Citigroup’s price target would suggest a potential upside of 30.43% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Susquehanna upped their price target on Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a report on Thursday, February 20th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $50.00 price target on shares of Devon Energy in a research note on Friday, January 10th. Truist Financial boosted their target price on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a report on Thursday, February 20th. Raymond James dropped their price objective on shares of Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a research note on Monday, March 10th. Finally, Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Wednesday, January 15th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $48.46.

Devon Energy Price Performance

Shares of DVN stock traded up $0.72 during trading hours on Monday, hitting $35.27. 3,341,978 shares of the company’s stock were exchanged, compared to its average volume of 7,802,242. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The firm has a market cap of $22.89 billion, a P/E ratio of 7.73, a P/E/G ratio of 1.20 and a beta of 1.91. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The firm has a 50 day moving average of $35.38 and a two-hundred day moving average of $37.27.

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

Hedge Funds Weigh In On Devon Energy

A number of large investors have recently bought and sold shares of the business. Hurley Capital LLC acquired a new position in Devon Energy during the 4th quarter valued at about $26,000. Accredited Wealth Management LLC purchased a new position in Devon Energy during the fourth quarter valued at approximately $28,000. True Wealth Design LLC increased its stake in shares of Devon Energy by 3,889.3% in 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 during the last quarter. Cromwell Holdings LLC grew its stake in shares of Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after buying an additional 598 shares in the last quarter. Finally, Activest Wealth Management lifted its stake in Devon Energy by 60.4% in the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after acquiring an additional 480 shares during 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.