Jefferies Financial Group Forecasts Strong Price Appreciation for Devon Energy (NYSE:DVN) Stock

Devon Energy (NYSE:DVN) had its price objective boosted by Jefferies Financial Group from $31.00 to $33.00 in a research report issued to clients and investors on Monday. The firm presently has a “hold” rating on the energy company’s stock. Jefferies Financial Group’s target price suggests a potential upside of 2.36% from the company’s current price.

Several other research analysts also recently weighed in on DVN. Citigroup dropped their price target on Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a research note on Friday, April 4th. Raymond James Financial set a $40.00 target price on shares of Devon Energy in a research report on Monday, April 21st. Bank of America cut their target price on shares of Devon Energy from $52.00 to $42.00 and set a “buy” rating for the company in a research note on Tuesday, April 29th. Royal Bank Of Canada decreased their price target on shares of Devon Energy from $49.00 to $40.00 and set a “sector perform” rating on the stock in a research note on Monday, April 14th. Finally, Barclays raised their price objective on Devon Energy from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 7th. Eleven research analysts have rated the stock with a hold rating and fifteen have issued 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 price target of $43.48.

Devon Energy Stock Down 2.9%

DVN opened at $32.24 on Monday. The stock has a market cap of $20.70 billion, a price-to-earnings ratio of 7.34, a price-to-earnings-growth ratio of 2.50 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08. The firm’s fifty day moving average is $32.77 and its 200 day moving average is $33.55. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $49.35.

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

Institutional Investors Weigh In On Devon Energy

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