Devon Energy (NYSE:DVN) Price Target Cut to $60.00 by Analysts at Citigroup

Devon Energy (NYSE:DVN) had its target price reduced by investment analysts at Citigroup from $67.00 to $60.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the energy company’s stock. Citigroup‘s price target would suggest a potential upside of 28.83% from the stock’s current price.

Several other equities analysts also recently commented on DVN. Stifel Nicolaus started coverage on Devon Energy in a research report on Thursday, September 10th. They issued a “buy” rating and a $61.00 price objective on the stock. Weiss Ratings downgraded Devon Energy from a “buy (b-)” rating to a “hold (c)” rating in a research report on Monday. Seaport Research Partners began coverage on Devon Energy in a research report on Thursday, September 3rd. They set a “buy” rating and a $65.00 target price for the company. Susquehanna lowered their target price on shares of Devon Energy from $63.00 to $60.00 and set a “positive” rating for the company in a research note on Monday. Finally, Wells Fargo & Company cut their price target on shares of Devon Energy from $65.00 to $64.00 and set an “overweight” rating on the stock in a report on Monday, September 28th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $59.72.

Devon Energy Trading Up 0.7%

Shares of DVN traded up $0.34 during midday trading on Friday, hitting $46.57. The stock had a trading volume of 8,216,890 shares, compared to its average volume of 12,843,288. Devon Energy has a 1 year low of $34.23 and a 1 year high of $52.71. The firm has a market cap of $53.08 billion, a PE ratio of 11.64, a price-to-earnings-growth ratio of 1.01 and a beta of 0.43. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.70 and a quick ratio of 0.65. The stock’s 50 day moving average is $48.30 and its 200 day moving average is $46.16.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Thursday, November 5th. The energy company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.09. Devon Energy had a net margin of 16.22% and a return on equity of 14.86%. The firm had revenue of $6.86 billion during the quarter, compared to analysts’ expectations of $6.57 billion. During the same period in the previous year, the company earned $1.04 EPS. The firm’s revenue for the quarter was up 66.5% compared to the same quarter last year. As a group, analysts forecast that Devon Energy will post 5.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Clay Gaspar bought 3,913 shares of the stock in a transaction on Monday, September 14th. The stock was acquired at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the acquisition, 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the company’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 sale, the executive vice president directly owned 72,720 shares of the company’s stock, valued at approximately $3,705,084. This trade represents a 8.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 4.58% of the company’s stock.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently bought and sold shares of the business. Hartree Partners LP grew its position in shares of Devon Energy by 0.7% in the third quarter. Hartree Partners LP now owns 944,374 shares of the energy company’s stock valued at $43,479,000 after purchasing an additional 6,937 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Devon Energy by 5.9% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 1,106,007 shares of the energy company’s stock valued at $50,921,000 after buying an additional 61,283 shares during the period. Xcelsior Advisor Partners LLC raised its stake in shares of Devon Energy by 23.1% in the 3rd quarter. Xcelsior Advisor Partners LLC now owns 12,969 shares of the energy company’s stock valued at $597,000 after acquiring an additional 2,436 shares during the period. Bleakley Financial Group LLC raised its position in Devon Energy by 35.2% in the third quarter. Bleakley Financial Group LLC now owns 55,601 shares of the energy company’s stock valued at $2,560,000 after purchasing an additional 14,489 shares during the period. Finally, Lifeworks Advisors LLC lifted its stake in Devon Energy by 122.2% during the 3rd quarter. Lifeworks Advisors LLC now owns 12,993 shares of the energy company’s stock worth $598,000 after acquiring an additional 7,146 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

About Devon Energy

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market. Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins. The company’s portfolio has evolved through acquisitions and asset sales over its history.