Devon Energy (NYSE:DVN) Stock Price Expected to Rise, Barclays Analyst Says

Devon Energy (NYSE:DVN) had its target price raised by stock analysts at Barclays from $40.00 to $42.00 in a note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage presently has an “equal weight” rating on the energy company’s stock. Barclays‘s price objective would indicate a potential upside of 10.61% from the company’s current price.

Other analysts have also issued research reports about the company. Raymond James Financial upped their target price on Devon Energy from $42.00 to $44.00 and gave the stock an “outperform” rating in a report on Wednesday, December 3rd. Piper Sandler lowered their price target on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 18th. JPMorgan Chase & Co. cut their price objective on Devon Energy from $44.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, January 15th. Mizuho raised their target price on shares of Devon Energy from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Finally, Capital One Financial dropped their price target on shares of Devon Energy from $52.00 to $51.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $44.38.

Devon Energy Stock Performance

Shares of DVN stock opened at $37.97 on Wednesday. Devon Energy has a 12 month low of $25.89 and a 12 month high of $38.88. The company’s fifty day simple moving average is $36.52 and its 200-day simple moving average is $34.77. The firm has a market cap of $23.82 billion, a PE ratio of 8.93, a P/E/G ratio of 3.42 and a beta of 0.60. The company has a quick ratio of 0.87, a current ratio of 0.96 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.11. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. The firm had revenue of $0.00 million for the quarter, compared to analyst estimates of $4.10 billion. During the same period in the previous year, the business earned $1.10 EPS. Equities research analysts expect that Devon Energy will post 4.85 EPS for the current fiscal year.

Institutional Trading of Devon Energy

Hedge funds have recently modified their holdings of the stock. Brookwood Investment Group LLC grew its stake in Devon Energy by 2,449.1% in the 4th quarter. Brookwood Investment Group LLC now owns 148,765 shares of the energy company’s stock valued at $5,449,000 after buying an additional 142,929 shares during the last quarter. Foundation Resource Management Inc. boosted its holdings in shares of Devon Energy by 5.1% during the fourth quarter. Foundation Resource Management Inc. now owns 127,827 shares of the energy company’s stock worth $4,682,000 after acquiring an additional 6,192 shares during the period. V Square Quantitative Management LLC grew its position in shares of Devon Energy by 6.8% in the fourth quarter. V Square Quantitative Management LLC now owns 11,839 shares of the energy company’s stock valued at $434,000 after purchasing an additional 758 shares during the last quarter. Greenleaf Trust increased its stake in shares of Devon Energy by 4.5% during the fourth quarter. Greenleaf Trust now owns 22,382 shares of the energy company’s stock worth $820,000 after purchasing an additional 961 shares during the period. Finally, MBL Wealth LLC acquired a new stake in Devon Energy during the 4th quarter worth approximately $288,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.