Devon Energy (NYSE:DVN) Price Target Lowered to $41.00 at Scotiabank

Devon Energy (NYSE:DVN) had its price objective lowered by investment analysts at Scotiabank from $45.00 to $41.00 in a research note issued to investors on Monday,MarketScreener reports. The brokerage presently has a “sector perform” rating on the energy company’s stock. Scotiabank’s target price suggests a potential downside of 8.46% from the stock’s current price.

DVN has been the subject of a number of other reports. Wells Fargo & Company increased their price target on Devon Energy from $43.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday. Roth Mkm reiterated a “buy” rating and issued a $50.00 target price on shares of Devon Energy in a report on Thursday. Mizuho set a $51.00 price objective on shares of Devon Energy in a research report on Tuesday, February 3rd. Jefferies Financial Group increased their price objective on shares of Devon Energy from $33.00 to $36.00 and gave the company a “hold” rating in a research note on Tuesday, January 20th. Finally, Sanford C. Bernstein cut their target price on Devon Energy from $48.00 to $42.00 and set an “outperform” rating on the stock in a research note on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $47.23.

Devon Energy Trading Up 0.9%

DVN opened at $44.79 on Monday. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $46.15. The firm has a market capitalization of $27.77 billion, a PE ratio of 10.69, a P/E/G ratio of 4.09 and a beta of 0.61. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.90. The company’s 50-day moving average is $38.92 and its 200 day moving average is $36.17.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, topping 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 firm had revenue of $17.19 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same period in the previous year, the company posted $1.10 EPS. The company’s revenue for the quarter was down 6.4% on a year-over-year basis. As a group, research analysts predict that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Institutional Trading of Devon Energy

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Panagora Asset Management Inc. lifted its holdings in Devon Energy by 42,376.5% in the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock valued at $132,206,000 after acquiring an additional 3,600,731 shares during the period. Kimmeridge Energy Management Company LLC increased its position in shares of Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after purchasing an additional 3,195,862 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Devon Energy by 78.7% in the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after purchasing an additional 2,802,137 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Devon Energy by 608.8% in the fourth 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 last quarter. Finally, Adage Capital Partners GP L.L.C. grew its position in Devon Energy by 83.9% during the second 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 during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.