Stifel Nicolaus Increases Devon Energy (NYSE:DVN) Price Target to $66.00

Devon Energy (NYSE:DVN) had its price objective lifted by equities researchers at Stifel Nicolaus from $65.00 to $66.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the energy company’s stock. Stifel Nicolaus’ target price would indicate a potential upside of 25.36% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Raymond James dropped their price objective on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 24th. Morgan Stanley raised their price target on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price target on shares of Devon Energy in a research report on Thursday, March 7th. Mizuho dropped their price target on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, January 11th. Finally, Truist Financial boosted their price target on shares of Devon Energy from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Monday. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.33.

Devon Energy Stock Up 1.0 %

Shares of Devon Energy stock traded up $0.52 during trading hours on Tuesday, reaching $52.65. The company’s stock had a trading volume of 2,125,061 shares, compared to its average volume of 7,908,000. The company has a market capitalization of $33.43 billion, a P/E ratio of 9.02 and a beta of 2.19. The stock’s fifty day simple moving average is $48.09 and its two-hundred day simple moving average is $45.98. Devon Energy has a one year low of $40.47 and a one year high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.66 EPS. On average, research analysts forecast that Devon Energy will post 5.14 earnings per share for the current year.

Institutional Trading of Devon Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Morgan Stanley grew its holdings in Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after buying an additional 2,220,194 shares in the last quarter. Raymond James & Associates grew its stake in Devon Energy by 8.9% during the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock valued at $453,871,000 after acquiring an additional 736,449 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Devon Energy by 0.8% in the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after purchasing an additional 68,339 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Devon Energy by 26.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after purchasing an additional 1,488,374 shares during the period. Finally, Northern Trust Corp grew its position in shares of Devon Energy by 1.2% during the 3rd quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock valued at $323,145,000 after purchasing an additional 82,607 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Company Profile

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.