Mizuho Issues Pessimistic Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its target price lowered by equities research analysts at Mizuho from $68.00 to $65.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the energy company’s stock. Mizuho’s price target would indicate a potential upside of 31.94% from the stock’s current price.

Several other analysts have also commented on the stock. Susquehanna increased their target price on shares of Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. BMO Capital Markets restated an “outperform” rating and set a $67.00 target price on shares of Devon Energy in a report on Tuesday, October 6th. Stifel Nicolaus began coverage on shares of Devon Energy in a research report on Thursday, September 10th. They issued a “buy” rating and a $61.00 price target on the stock. Raymond James Financial upped their price target on Devon Energy from $64.00 to $67.00 and gave the company a “strong-buy” rating in a report on Monday, September 14th. Finally, Morgan Stanley increased their price objective on Devon Energy from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.72.

Devon Energy Trading Down 1.3%

Shares of Devon Energy stock opened at $49.27 on Friday. The business has a fifty day simple moving average of $47.91 and a 200-day simple moving average of $46.29. Devon Energy has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The firm has a market cap of $54.19 billion, a price-to-earnings ratio of 11.70, a price-to-earnings-growth ratio of 1.32 and a beta of 0.49. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN) last issued its quarterly 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. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same period in the prior year, the company earned $0.84 EPS. Devon Energy’s revenue was up 73.1% on a year-over-year basis. On average, equities analysts forecast that Devon Energy will post 5.39 EPS for the current fiscal year.

Insider Transactions at Devon Energy

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

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently made changes to their positions in the company. Premier Financial Group purchased a new position in Devon Energy during the 2nd quarter worth approximately $25,000. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of Devon Energy in the fourth quarter valued at $25,000. JFS Wealth Advisors LLC lifted its holdings in shares of Devon Energy by 56.6% in the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after purchasing an additional 245 shares in the last quarter. Parvin Asset Management LLC acquired a new stake in shares of Devon Energy in the second quarter worth $28,000. Finally, KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Devon Energy in the second quarter worth $29,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

About Devon Energy

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.