Wolfe Research Lowers Devon Energy (NYSE:DVN) Price Target to $48.00

Devon Energy (NYSE:DVN) had its target price dropped by equities research analysts at Wolfe Research from $53.00 to $48.00 in a report released on Monday,MarketScreener reports. The brokerage presently has an “outperform” rating on the energy company’s stock. Wolfe Research’s price target would indicate a potential upside of 33.65% from the company’s current price.

Several other equities analysts have also issued reports on the company. Johnson Rice reduced their target price on Devon Energy from $70.00 to $62.00 and set a “buy” rating for the company in a report on Friday, December 5th. Susquehanna upped their price objective on Devon Energy from $40.00 to $42.00 and gave the company a “positive” rating in a research note on Wednesday, November 12th. Piper Sandler decreased their target price on Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Tuesday, November 18th. Sanford C. Bernstein lowered their target price on Devon Energy from $48.00 to $42.00 and set an “outperform” rating on the stock in a research note on Monday. Finally, JPMorgan Chase & Co. raised shares of Devon Energy from a “neutral” rating to an “overweight” rating and cut their price target for the stock from $49.00 to $44.00 in a report on Monday, December 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $44.62.

Devon Energy Stock Performance

Shares of DVN stock opened at $35.91 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.87. The firm has a 50-day moving average of $35.76 and a 200-day moving average of $34.48. Devon Energy has a one year low of $25.89 and a one year high of $38.88. The company has a market cap of $22.53 billion, a P/E ratio of 8.45, a P/E/G ratio of 2.99 and a beta of 0.60.

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

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Opal Wealth Advisors LLC bought a new stake in shares of Devon Energy in the second quarter valued at approximately $25,000. Caldwell Trust Co purchased a new position in Devon Energy in the 2nd quarter valued at approximately $25,000. PFS Partners LLC purchased a new position in Devon Energy in the 3rd quarter valued at approximately $25,000. First Horizon Corp bought a new stake in Devon Energy during the 3rd quarter valued at $26,000. Finally, Accredited Wealth Management LLC lifted its position in shares of Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after acquiring an additional 308 shares in the last quarter. Institutional investors 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.