Devon Energy (DVN) Price Target Raised to $54.00

Devon Energy (NYSE:DVN) had its price objective increased by stock analysts at Morgan Stanley from $48.00 to $54.00 in a research note issued on Wednesday. The brokerage presently has an “overweight” rating on the energy company’s stock. Morgan Stanley’s price objective points to a potential upside of 23.12% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Credit Suisse Group assumed coverage on shares of Devon Energy in a research report on Monday, December 11th. They issued an “outperform” rating and a $43.00 price objective for the company. Capital One Financial lowered shares of Devon Energy from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 10th. Cowen set a $40.00 target price on shares of Devon Energy and gave the stock a “buy” rating in a research note on Tuesday, October 31st. Citigroup reaffirmed a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a research note on Tuesday, November 28th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and issued a $38.00 target price on shares of Devon Energy in a research note on Friday, November 24th. Two analysts have rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $47.00.

Devon Energy (DVN) traded down $0.05 on Wednesday, hitting $43.86. 2,665,527 shares of the company were exchanged, compared to its average volume of 4,540,000. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.63 and a current ratio of 1.63. Devon Energy has a 1-year low of $28.79 and a 1-year high of $47.25. The company has a market cap of $23,050.00, a PE ratio of 14.92, a P/E/G ratio of 2.50 and a beta of 2.21.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, October 31st. The energy company reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.07. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The business had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter in the prior year, the company earned $1.89 EPS. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. research analysts predict that Devon Energy will post 1.81 earnings per share for the current year.

In other news, EVP Lyndon C. Taylor sold 12,798 shares of the stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $38.29, for a total transaction of $490,035.42. Following the completion of the transaction, the executive vice president now directly owns 67,900 shares in the company, valued at approximately $2,599,891. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.51% of the company’s stock.

Several institutional investors have recently bought and sold shares of DVN. Riverhead Capital Management LLC boosted its stake in shares of Devon Energy by 19.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 7,970 shares of the energy company’s stock worth $255,000 after buying an additional 1,298 shares during the last quarter. Nationwide Fund Advisors boosted its stake in shares of Devon Energy by 5.7% during the 2nd quarter. Nationwide Fund Advisors now owns 314,996 shares of the energy company’s stock worth $10,070,000 after buying an additional 17,026 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of Devon Energy during the 2nd quarter worth about $451,000. Menta Capital LLC acquired a new position in shares of Devon Energy during the 2nd quarter worth about $310,000. Finally, GSA Capital Partners LLP boosted its stake in shares of Devon Energy by 25.9% during the 2nd quarter. GSA Capital Partners LLP now owns 28,401 shares of the energy company’s stock worth $908,000 after buying an additional 5,834 shares during the last quarter. Institutional investors own 77.61% of the company’s stock.

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Devon Energy Company Profile

Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).

Analyst Recommendations for Devon Energy (NYSE:DVN)

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