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

Devon Energy (NYSE:DVN) had its price objective raised by research analysts at Wells Fargo & Company from $66.00 to $68.00 in a research report issued on Monday,MarketScreener reports. The firm currently has an “overweight” rating on the energy company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 39.60% from the stock’s previous close.

Several other research analysts have also issued reports on DVN. Raymond James Financial upgraded Devon Energy from an “outperform” rating to a “strong-buy” rating and set a $72.00 target price for the company in a research report on Tuesday, May 5th. Sanford C. Bernstein raised their price target on Devon Energy from $42.00 to $59.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Scotiabank boosted their price objective on Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. TD Cowen increased their target price on Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a research note on Tuesday, March 17th. Finally, Royal Bank Of Canada lifted their target price on Devon Energy from $46.00 to $59.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 8th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $56.85.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $48.71 on Monday. Devon Energy has a 52 week low of $30.24 and a 52 week high of $52.71. The stock has a market capitalization of $30.27 billion, a P/E ratio of 13.56 and a beta of 0.43. The firm has a fifty day simple moving average of $47.75 and a two-hundred day simple moving average of $41.44. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter in the prior year, the company posted $0.82 earnings per share. The firm’s quarterly revenue was down 14.5% compared to the same quarter last year. On average, analysts expect that Devon Energy will post 5.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the transaction, the executive vice president directly owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the transaction, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.73% of the company’s stock.

Institutional Trading of Devon Energy

Institutional investors have recently made changes to their positions in the business. Tobam raised its stake in Devon Energy by 16.4% in the fourth quarter. Tobam now owns 1,633 shares of the energy company’s stock valued at $60,000 after buying an additional 230 shares during the last quarter. TD Private Client Wealth LLC grew its stake in shares of Devon Energy by 3.4% during the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock worth $262,000 after acquiring an additional 236 shares during the last quarter. Catalyst Financial Partners LLC grew its stake in shares of Devon Energy by 3.9% during the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock worth $246,000 after acquiring an additional 254 shares during the last quarter. Cary Street Partners Investment Advisory LLC increased its holdings in shares of Devon Energy by 21.0% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock valued at $54,000 after acquiring an additional 257 shares in the last quarter. Finally, Zions Bancorporation National Association UT increased its holdings in shares of Devon Energy by 7.9% during the fourth quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company’s stock valued at $129,000 after acquiring an additional 258 shares in the last quarter. Institutional investors and hedge funds 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.