Raymond James Financial Forecasts Strong Price Appreciation for Devon Energy (NYSE:DVN) Stock

Devon Energy (NYSE:DVN) had its price objective increased by equities researchers at Raymond James Financial from $44.00 to $52.00 in a report issued on Wednesday,MarketScreener reports. The brokerage presently has an “outperform” rating on the energy company’s stock. Raymond James Financial’s target price points to a potential upside of 18.23% from the stock’s current price.

A number of other brokerages have also recently issued reports on DVN. Jefferies Financial Group boosted their target price on shares of Devon Energy from $33.00 to $36.00 and gave the company a “hold” rating in a report on Tuesday, January 20th. Zacks Research lowered Devon Energy from a “hold” rating to a “strong sell” rating in a research note on Monday, January 26th. Johnson Rice dropped their price objective on Devon Energy from $70.00 to $62.00 and set a “buy” rating on the stock in a report on Friday, December 5th. UBS Group set a $50.00 target price on Devon Energy in a research note on Wednesday, February 4th. Finally, Citigroup upped their price target on Devon Energy from $43.00 to $44.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $46.24.

Devon Energy Price Performance

DVN opened at $43.98 on Wednesday. The firm has a 50-day moving average price of $38.10 and a 200-day moving average price of $35.65. Devon Energy has a twelve month low of $25.89 and a twelve month high of $45.02. The company has a quick ratio of 0.87, a current ratio of 0.96 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $27.59 billion, a price-to-earnings ratio of 10.35, a PEG ratio of 3.95 and a beta of 0.61.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. AQR Capital Management LLC lifted its position in Devon Energy by 78.7% during the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock valued at $202,327,000 after purchasing an additional 2,802,137 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its position in shares of Devon Energy by 83.9% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 4,568,092 shares of the energy company’s stock valued at $145,311,000 after buying an additional 2,083,600 shares in the last quarter. Sourcerock Group LLC lifted its holdings in shares of Devon Energy by 2,132.3% during the 2nd quarter. Sourcerock Group LLC now owns 1,751,276 shares of the energy company’s stock worth $55,708,000 after acquiring an additional 1,672,824 shares during the last quarter. SG Americas Securities LLC grew its position in Devon Energy by 446.7% in the fourth quarter. SG Americas Securities LLC now owns 1,236,301 shares of the energy company’s stock worth $45,286,000 after acquiring an additional 1,010,170 shares in the last quarter. Finally, MUFG Securities EMEA plc grew its position in Devon Energy by 7,667.4% in the fourth quarter. MUFG Securities EMEA plc now owns 943,817 shares of the energy company’s stock worth $34,572,000 after acquiring an additional 931,666 shares in the last quarter. Hedge funds and other institutional investors 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.