Jefferies Financial Group Boosts Devon Energy (NYSE:DVN) Price Target to $44.00

Devon Energy (NYSE:DVN) had its target price increased by Jefferies Financial Group from $36.00 to $44.00 in a report released on Monday,MarketScreener reports. Jefferies Financial Group’s target price would suggest a potential downside of 2.89% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Citigroup boosted their price objective on Devon Energy from $43.00 to $44.00 and gave the company a “buy” rating in a report on Wednesday, December 17th. Zacks Research upgraded Devon Energy from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Wells Fargo & Company boosted their target price on shares of Devon Energy from $43.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, February 20th. BMO Capital Markets upped their price target on shares of Devon Energy from $45.00 to $55.00 and gave the stock an “outperform” rating in a report on Tuesday, March 3rd. Finally, The Goldman Sachs Group raised their price target on shares of Devon Energy from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, November 13th. Twenty-three investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $48.54.

Devon Energy Trading Up 1.9%

Devon Energy stock traded up $0.83 during midday trading on Monday, reaching $45.31. The stock had a trading volume of 3,716,709 shares, compared to its average volume of 11,356,062. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. The firm has a market cap of $28.09 billion, a price-to-earnings ratio of 10.87, a price-to-earnings-growth ratio of 4.50 and a beta of 0.56. Devon Energy has a 52-week low of $25.89 and a 52-week high of $46.15. The company has a fifty day moving average of $40.44 and a 200 day moving average of $36.90.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.01. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The business had revenue of $17.19 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same quarter in the previous year, the business earned $1.10 earnings per share. The company’s revenue for the quarter was down 6.4% compared to the same quarter last year. On average, analysts anticipate that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Allianz Asset Management GmbH lifted its holdings in Devon Energy by 4.3% during the third quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company’s stock worth $29,210,000 after buying an additional 33,974 shares during the period. Greatmark Investment Partners Inc. boosted its position in Devon Energy by 5.6% during the 3rd quarter. Greatmark Investment Partners Inc. now owns 571,925 shares of the energy company’s stock valued at $20,052,000 after acquiring an additional 30,435 shares in the last quarter. Canada Post Corp Registered Pension Plan increased its holdings in shares of Devon Energy by 298.1% in the 3rd quarter. Canada Post Corp Registered Pension Plan now owns 42,351 shares of the energy company’s stock valued at $1,585,000 after acquiring an additional 31,713 shares during the period. Victory Capital Management Inc. raised its position in shares of Devon Energy by 5.0% in the 3rd quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock worth $415,319,000 after acquiring an additional 560,652 shares in the last quarter. Finally, Natixis raised its position in shares of Devon Energy by 101.4% in the 2nd quarter. Natixis now owns 73,902 shares of the energy company’s stock worth $2,351,000 after acquiring an additional 37,211 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

About Devon Energy

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.