Devon Energy (NYSE:DVN) Price Target Raised to $51.00 at Wells Fargo & Company

Devon Energy (NYSE:DVN) had its price objective upped by research analysts at Wells Fargo & Company from $43.00 to $51.00 in a research report issued to clients and investors on Friday,MarketScreener reports. The brokerage presently has an “overweight” rating on the energy company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 15.22% from the company’s current price.

A number of other research analysts have also weighed in on the company. Sanford C. Bernstein dropped their target price on Devon Energy from $48.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, January 5th. Zacks Research downgraded shares of Devon Energy from a “hold” rating to a “strong sell” rating in a report on Monday, January 26th. Siebert Williams Shank increased their target price on shares of Devon Energy from $46.00 to $50.00 and gave the company a “buy” rating in a report on Monday, January 26th. Wolfe Research boosted their price target on shares of Devon Energy from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Barclays upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $42.00 to $50.00 in a research note on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $47.31.

Devon Energy Stock Down 0.9%

Shares of Devon Energy stock traded down $0.40 during trading hours on Friday, reaching $44.26. The company’s stock had a trading volume of 836,410 shares, compared to its average volume of 11,038,741. The company has a market capitalization of $27.77 billion, a P/E ratio of 10.62, a P/E/G ratio of 4.04 and a beta of 0.61. The stock’s fifty day simple moving average is $38.78 and its two-hundred day simple moving average is $36.03. Devon Energy has a one year low of $25.89 and a one year high of $46.15. 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 posted its earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The company had revenue of $17.19 billion for the quarter, compared to analyst estimates of $3.67 billion. During the same quarter in the prior year, the business posted $1.10 EPS. The firm’s revenue was down 6.4% compared to the same quarter last year. On average, research analysts forecast that Devon Energy will post 4.85 earnings per share for the current year.

Institutional Trading of Devon Energy

Several hedge funds have recently made changes to their positions in DVN. Panagora Asset Management Inc. increased its holdings in Devon Energy by 42,376.5% in the 4th quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock worth $132,206,000 after acquiring an additional 3,600,731 shares during the last quarter. Kimmeridge Energy Management Company LLC increased its stake in shares of Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after purchasing an additional 3,195,862 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Devon Energy by 78.7% in 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 period. Arrowstreet Capital Limited Partnership boosted its holdings in Devon Energy by 608.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,695,079 shares of the energy company’s stock worth $98,721,000 after buying an additional 2,314,843 shares during the period. Finally, Adage Capital Partners GP L.L.C. grew its stake in Devon Energy by 83.9% in 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. 69.72% of the stock is currently owned by institutional investors.

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.