Devon Energy (NYSE:DVN) Price Target Lowered to $53.00 at The Goldman Sachs Group

Devon Energy (NYSE:DVN) had its price target reduced by equities researchers at The Goldman Sachs Group from $54.00 to $53.00 in a report issued on Tuesday,MarketScreener reports. The brokerage presently has a “buy” rating on the energy company’s stock. The Goldman Sachs Group’s price objective indicates a potential upside of 25.69% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Piper Sandler upped their price objective on shares of Devon Energy from $59.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. TD Cowen increased their price target on Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a report on Tuesday, March 17th. Truist Financial boosted their price objective on Devon Energy from $63.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Devon Energy in a research note on Thursday, June 11th. Finally, Sanford C. Bernstein boosted their price target on Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $58.81.

Devon Energy Trading Up 0.4%

Shares of NYSE DVN opened at $42.17 on Tuesday. The stock has a market cap of $26.20 billion, a P/E ratio of 11.74 and a beta of 0.38. The firm has a 50 day moving average price of $45.92 and a two-hundred day moving average price of $43.57. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. Devon Energy has a 52-week low of $31.45 and a 52-week high of $52.71.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business’s revenue for the quarter was down 14.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.82 earnings per share. As a group, equities analysts forecast that Devon Energy will post 4.97 EPS for the current year.

Insiders Place Their Bets

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of the transaction, the senior vice president owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 112,371 shares of company stock worth $5,258,059 over the last quarter. 4.58% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently made changes to their positions in DVN. State Street Corp lifted its stake in Devon Energy by 0.6% in the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock worth $1,301,914,000 after purchasing an additional 212,074 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Devon Energy by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after purchasing an additional 186,743 shares during the period. Victory Capital Management Inc. increased its position in shares of Devon Energy by 17.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after purchasing an additional 2,071,021 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Devon Energy by 2.5% in the first quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock worth $483,475,000 after buying an additional 235,561 shares during the last quarter. Finally, Kimmeridge Energy Management Company LLC boosted its stake in Devon Energy by 56.5% during 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 buying an additional 3,195,862 shares during the period. Institutional investors own 69.72% of the company’s stock.

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.