Devon Energy (NYSE:DVN) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

Devon Energy (NYSE:DVN) had its price target boosted by analysts at BMO Capital Markets from $48.00 to $51.00 in a report issued on Monday. The firm presently has an “outperform” rating on the energy company’s stock. BMO Capital Markets’ target price would suggest a potential upside of 58.19% from the company’s current price.

A number of other analysts have also weighed in on the stock. Jefferies Financial Group raised their target price on shares of Devon Energy from $31.00 to $33.00 and gave the company a “hold” rating in a research report on Monday. Piper Sandler cut their price objective on Devon Energy from $56.00 to $53.00 and set an “overweight” rating on the stock in a report on Tuesday, May 13th. The Goldman Sachs Group boosted their price objective on Devon Energy from $38.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. Mizuho dropped their target price on Devon Energy from $46.00 to $43.00 and set an “outperform” rating for the company in a research report on Tuesday, May 13th. Finally, Citigroup cut their price target on Devon Energy from $46.00 to $43.00 and set a “buy” rating on the stock in a research note on Friday, April 4th. Eleven analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $43.48.

Devon Energy Stock Down 2.9%

NYSE DVN opened at $32.24 on Monday. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. The company has a market cap of $20.70 billion, a price-to-earnings ratio of 7.34, a PEG ratio of 2.50 and a beta of 1.02. The company has a 50 day moving average of $32.77 and a 200-day moving average of $33.55. Devon Energy has a 1-year low of $25.89 and a 1-year high of $49.35.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The firm had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. During the same period in the prior year, the company earned $1.16 EPS. The company’s revenue for the quarter was up 23.8% compared to the same quarter last year. On average, equities research analysts expect that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Institutional Trading of Devon Energy

A number of hedge funds have recently bought and sold shares of the business. TD Private Client Wealth LLC raised its position in Devon Energy by 31.6% in the second quarter. TD Private Client Wealth LLC now owns 6,448 shares of the energy company’s stock worth $205,000 after acquiring an additional 1,549 shares during the period. IMS Capital Management purchased a new position in shares of Devon Energy in the second quarter worth about $292,000. Accurate Wealth Management LLC raised its holdings in Devon Energy by 34.2% during the 2nd quarter. Accurate Wealth Management LLC now owns 38,675 shares of the energy company’s stock valued at $1,313,000 after acquiring an additional 9,866 shares during the period. Kwmg LLC lifted its holdings in Devon Energy by 10.2% during the 2nd quarter. Kwmg LLC now owns 147,671 shares of the energy company’s stock worth $4,697,000 after purchasing an additional 13,616 shares in the last quarter. Finally, Bank of Stockton increased its position in shares of Devon Energy by 15.4% during the second quarter. Bank of Stockton now owns 9,455 shares of the energy company’s stock valued at $301,000 after buying an additional 1,262 shares during the period. 69.72% of the stock is currently owned by institutional investors.

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.