Wells Fargo & Company Has Lowered Expectations for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its target price reduced by investment analysts at Wells Fargo & Company from $65.00 to $64.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has an “overweight” rating on the energy company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 37.47% from the company’s current price.

Other research analysts also recently issued reports about the stock. Weiss Ratings raised shares of Devon Energy from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, September 9th. Seaport Research Partners began coverage on shares of Devon Energy in a research report on Thursday, September 3rd. They issued a “buy” rating and a $65.00 target price for the company. Argus reissued a “buy” rating and set a $45.85 target price on shares of Devon Energy in a research note on Monday, August 17th. Citigroup boosted their price target on shares of Devon Energy from $65.00 to $67.00 and gave the company a “buy” rating in a report on Monday, August 31st. Finally, Wall Street Zen downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Saturday, September 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $59.72.

Devon Energy Trading Down 0.4%

Shares of NYSE DVN opened at $46.55 on Monday. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. Devon Energy has a one year low of $31.47 and a one year high of $52.71. The business has a 50-day moving average price of $46.87 and a two-hundred day moving average price of $46.32. The firm has a market capitalization of $51.21 billion, a PE ratio of 11.06, a PEG ratio of 1.27 and a beta of 0.37.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm’s quarterly revenue was up 73.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.84 EPS. As a group, analysts predict that Devon Energy will post 5.27 earnings per share for the current fiscal year.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Robert Ferrall Lowe III sold 6,756 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the completion of the sale, the executive vice president directly owned 72,720 shares of the company’s stock, valued at $3,705,084. The trade was a 8.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Clay M. Gaspar purchased 3,913 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were acquired at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the purchase, the chief executive officer owned 619,152 shares in the company, valued at $31,626,284.16. The trade was a 0.64% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 4.58% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Devon Energy

Institutional investors and hedge funds have recently modified their holdings of the business. Premier Financial Group acquired a new position in Devon Energy during the second quarter worth $25,000. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Devon Energy in the fourth quarter worth about $25,000. JFS Wealth Advisors LLC boosted its stake in shares of Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after acquiring an additional 245 shares in the last quarter. Parvin Asset Management LLC bought a new stake in shares of Devon Energy during the 2nd quarter worth about $28,000. Finally, KERR FINANCIAL PLANNING Corp bought a new stake in shares of Devon Energy during the 2nd quarter worth about $29,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy News Roundup

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Wells Fargo maintained its Overweight rating and “Buy” view on Devon Energy, indicating continued confidence in the company’s operating outlook and valuation. Wells Fargo Remains a Buy on Devon Energy
• Positive Sentiment: Devon’s multi-basin footprint provides exposure to several major U.S. shale regions, including the Delaware, Eagle Ford and Anadarko basins. This geographic diversification can support production flexibility and reduce reliance on any single operating area. What Is Behind Devon Energy’s Multi-Basin Footprint?
• Neutral Sentiment: Reports that BP evaluated Devon’s Eagle Ford assets but ultimately walked away highlight potential strategic value in the portfolio, though no transaction was completed. The episode also underscores different approaches by BP and Devon to reshaping their shale businesses. BP vs. Devon: A Shale Deal That Never Happened
• Neutral Sentiment: Devon became a heavily searched stock on Zacks, but the coverage primarily encourages investors to review its earnings outlook, valuation and analyst expectations rather than announcing a new fundamental development. Is Trending Stock Devon Energy a Buy Now?
• Negative Sentiment: Wells Fargo lowered its price target from $65 to $64. Although the firm still sees substantial upside and retains an Overweight rating, the reduction may weigh modestly on sentiment. Devon Energy Stock Price Target Lowered at Wells Fargo

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company operates in the United States and focuses on onshore properties with oil- and liquids-rich resources.

Devon’s operations are concentrated in several major U.S. producing regions, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.