Devon Energy (NYSE:DVN) Price Target Increased to $60.00 by Analysts at Piper Sandler

Devon Energy (NYSE:DVN) had its price objective raised by Piper Sandler from $59.00 to $60.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the energy company’s stock. Piper Sandler’s target price suggests a potential upside of 15.76% from the stock’s previous close.

DVN has been the subject of several other research reports. Barclays initiated coverage on Devon Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price for the company. Truist Financial cut their price objective on shares of Devon Energy from $69.00 to $66.00 and set a “buy” rating for the company in a report on Friday, April 5th. Stifel Nicolaus lowered their target price on shares of Devon Energy from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. UBS Group upped their target price on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. Finally, Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $46.00 to $59.00 in a report on Monday, April 1st. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $57.94.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $51.83 on Friday. The stock has a market cap of $32.91 billion, a PE ratio of 8.89 and a beta of 2.19. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09. The firm has a fifty day moving average price of $47.89 and a 200-day moving average price of $45.90. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.02. The company had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. Devon Energy’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.66 EPS. Equities analysts anticipate that Devon Energy will post 5.14 earnings per share for the current fiscal year.

Institutional Trading of Devon Energy

Several hedge funds and other institutional investors have recently bought and sold shares of DVN. Coppell Advisory Solutions LLC bought a new stake in Devon Energy during the second quarter valued at about $25,000. Canada Pension Plan Investment Board purchased a new position in shares of Devon Energy in the 1st quarter worth approximately $26,000. KB Financial Partners LLC acquired a new position in shares of Devon Energy during the first quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Devon Energy during the 3rd quarter worth $27,000. Finally, Manchester Capital Management LLC purchased a new position in Devon Energy during the 4th quarter worth $28,000. Institutional investors own 69.72% of the company’s stock.

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.