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

Devon Energy (NYSE:DVN) had its target price raised by analysts at Wolfe Research from $64.00 to $65.00 in a research report issued to clients and investors on Monday,MarketScreener reports. The firm presently has an “outperform” rating on the energy company’s stock. Wolfe Research’s price objective would suggest a potential upside of 30.24% from the stock’s previous close.

A number of other research firms have also recently weighed in on DVN. Benchmark restated a “buy” rating on shares of Devon Energy in a report on Friday, January 16th. Roth Mkm restated a “buy” rating and issued a $50.00 price target on shares of Devon Energy in a report on Thursday, February 19th. Citigroup upped their price target on Devon Energy from $44.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, March 30th. Capital One Financial upped their price target on Devon Energy from $50.00 to $64.00 and gave the stock an “overweight” rating in a report on Thursday, March 26th. Finally, Piper Sandler upped their price target on Devon Energy from $59.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $51.39.

Devon Energy Stock Performance

NYSE DVN opened at $49.91 on Monday. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48. The business’s 50 day moving average is $45.58 and its two-hundred day moving average is $38.97. Devon Energy has a 12-month low of $25.89 and a 12-month high of $52.71. The stock has a market capitalization of $31.02 billion, a price-to-earnings ratio of 11.97, a PEG ratio of 0.97 and a beta of 0.47.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.01. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The company had revenue of $4.12 billion for the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter in the previous year, the firm posted $1.10 EPS. The firm’s quarterly revenue was down 6.4% on a year-over-year basis. Research analysts expect that Devon Energy will post 4.85 EPS for the current year.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently bought and sold shares of DVN. Woodline Partners LP grew its holdings in Devon Energy by 98.8% during the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after buying an additional 57,555 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Devon Energy during the 2nd quarter valued at $403,000. Quantbot Technologies LP acquired a new stake in Devon Energy during the 2nd quarter valued at $827,000. Marshall Wace LLP acquired a new stake in Devon Energy during the 2nd quarter valued at $14,105,000. Finally, Amundi grew its holdings in Devon Energy by 3.1% during the 2nd quarter. Amundi now owns 2,395,225 shares of the energy company’s stock valued at $80,024,000 after buying an additional 71,287 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Company Profile

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.