Devon Energy (NYSE:DVN) Given New $65.00 Price Target at BMO Capital Markets

Devon Energy (NYSE:DVN) had its target price lifted by analysts at BMO Capital Markets from $60.00 to $65.00 in a research note issued on Wednesday,MarketScreener reports. The firm currently has an “outperform” rating on the energy company’s stock. BMO Capital Markets’ price objective points to a potential upside of 40.35% from the company’s previous close.

DVN has been the subject of a number of other reports. Barclays upped their target price on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Monday, March 16th. Tudor Pickering upgraded shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, April 20th. Piper Sandler raised their target price on shares of Devon Energy from $59.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Benchmark reiterated a “buy” rating on shares of Devon Energy in a research report on Friday, January 16th. Finally, Royal Bank Of Canada lifted their target price on Devon Energy from $46.00 to $59.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 8th. Four analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $55.78.

Devon Energy Stock Performance

Shares of DVN traded down $0.46 during trading hours on Wednesday, reaching $46.31. 650,806 shares of the company’s stock traded hands, compared to its average volume of 13,921,286. The firm has a market capitalization of $28.78 billion, a price-to-earnings ratio of 12.82, a P/E/G ratio of 0.71 and a beta of 0.43. The business’s fifty day simple moving average is $47.53 and its two-hundred day simple moving average is $41.13. Devon Energy has a twelve month low of $30.24 and a twelve month high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same period in the previous year, the business posted $0.82 EPS. The firm’s quarterly revenue was down 14.5% on a year-over-year basis. Analysts predict that Devon Energy will post 5.66 earnings per share for the current year.

Insider Transactions at Devon Energy

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the sale, the executive vice president owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.73% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Devon Energy

Several large investors have recently made changes to their positions in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Devon Energy in the 4th quarter valued at $25,000. First Horizon Corp acquired a new stake in shares of Devon Energy in the third quarter worth about $26,000. Accredited Wealth Management LLC boosted its stake in shares of Devon Energy by 61.6% during the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after acquiring an additional 308 shares in the last quarter. Ameriflex Group Inc. increased its holdings in shares of Devon Energy by 702.0% during the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after acquiring an additional 702 shares during the last quarter. Finally, MV Capital Management Inc. acquired a new position in shares of Devon Energy during the 4th quarter valued at about $29,000. 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.