Devon Energy (NYSE:DVN) Stock Price Expected to Rise, Mizuho Analyst Says

Devon Energy (NYSE:DVN) had its price objective increased by Mizuho from $51.00 to $62.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the energy company’s stock. Mizuho’s price target would indicate a potential upside of 31.13% from the company’s current price.

Several other research firms have also recently weighed in on DVN. Weiss Ratings upgraded Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, January 28th. Roth Mkm reaffirmed a “buy” rating and set a $50.00 price target on shares of Devon Energy in a report on Thursday, February 19th. TD Cowen upped their price objective on shares of Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a research report on Tuesday. Barclays increased their price objective on shares of Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Siebert Williams Shank increased their price target on Devon Energy from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Twenty-three equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $49.37.

Devon Energy Stock Performance

DVN stock traded up $0.63 during trading hours on Tuesday, reaching $47.28. The stock had a trading volume of 8,599,064 shares, compared to its average volume of 12,308,057. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $47.43. The stock has a market capitalization of $29.31 billion, a PE ratio of 11.34, a price-to-earnings-growth ratio of 4.43 and a beta of 0.56. The stock has a 50-day simple moving average of $41.49 and a 200 day simple moving average of $37.33. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.90.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The company had revenue of $17.19 billion during the quarter, compared to analysts’ expectations of $3.67 billion. During the same period last year, the firm posted $1.10 earnings per share. The business’s revenue was down 6.4% on a year-over-year basis. Analysts predict that Devon Energy will post 4.85 EPS for the current fiscal year.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allianz Asset Management GmbH boosted its holdings in shares of Devon Energy by 4.3% during the 3rd quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company’s stock worth $29,210,000 after buying an additional 33,974 shares in the last quarter. Greatmark Investment Partners Inc. boosted its stake in Devon Energy by 5.6% during 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 in the last quarter. Canada Post Corp Registered Pension Plan grew its holdings in Devon Energy by 298.1% in the third quarter. Canada Post Corp Registered Pension Plan now owns 42,351 shares of the energy company’s stock worth $1,585,000 after purchasing an additional 31,713 shares during the period. Victory Capital Management Inc. increased its stake in Devon Energy by 5.0% in the third quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock valued at $415,319,000 after purchasing an additional 560,652 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Devon Energy by 4.2% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,451,792 shares of the energy company’s stock valued at $50,900,000 after purchasing an additional 57,947 shares in the last quarter. Institutional investors and hedge funds 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.