Devon Energy (NYSE:DVN) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Devon Energy (NYSE:DVN) had its target price boosted by research analysts at Wells Fargo & Company from $43.00 to $51.00 in a research note issued on Friday, MarketBeat.com reports. The brokerage currently has an “overweight” rating on the energy company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 15.14% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. JPMorgan Chase & Co. lowered their target price on Devon Energy from $44.00 to $41.00 and set an “overweight” rating for the company in a research note on Thursday, January 15th. BMO Capital Markets decreased their price target on Devon Energy from $48.00 to $45.00 and set an “outperform” rating on the stock in a research note on Monday, January 12th. Piper Sandler lowered their price objective 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. TD Cowen upgraded shares of Devon Energy to a “hold” rating in a report on Monday, February 9th. Finally, Jefferies Financial Group lifted their target price on shares of Devon Energy from $33.00 to $36.00 and gave the stock a “hold” rating in a research note on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.31.

Devon Energy Trading Down 0.8%

Shares of DVN opened at $44.30 on Friday. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $46.15. The firm has a market cap of $27.46 billion, a price-to-earnings ratio of 10.62, a PEG ratio of 4.09 and a beta of 0.61. The firm has a 50 day moving average price of $38.92 and a 200-day moving average price of $36.14. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.87 and a current ratio of 0.98.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. The company had revenue of $17.19 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The firm’s revenue was down 6.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.10 EPS. As a group, equities research analysts forecast that Devon Energy will post 4.85 earnings per share for the current year.

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently modified their holdings of DVN. Allianz Asset Management GmbH increased its position in Devon Energy by 4.3% during the 3rd quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company’s stock valued at $29,210,000 after buying an additional 33,974 shares in the last quarter. Greatmark Investment Partners Inc. grew its stake in shares of Devon Energy by 5.6% in the third quarter. Greatmark Investment Partners Inc. now owns 571,925 shares of the energy company’s stock worth $20,052,000 after acquiring an additional 30,435 shares during the last quarter. Canada Post Corp Registered Pension Plan increased its holdings in shares of Devon Energy by 298.1% during the third quarter. Canada Post Corp Registered Pension Plan now owns 42,351 shares of the energy company’s stock valued at $1,585,000 after acquiring an additional 31,713 shares in the last quarter. Natixis raised its position in shares of Devon Energy by 101.4% in the 2nd quarter. Natixis now owns 73,902 shares of the energy company’s stock worth $2,351,000 after purchasing an additional 37,211 shares during the last quarter. Finally, RPG Investment Advisory LLC raised its position in shares of Devon Energy by 11.0% in the 3rd quarter. RPG Investment Advisory LLC now owns 287,110 shares of the energy company’s stock worth $10,063,000 after purchasing an additional 28,532 shares during the last quarter. Hedge funds and other 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.