Johnson Rice Cuts Devon Energy (NYSE:DVN) Price Target to $62.00

Devon Energy (NYSE:DVN) had its price objective dropped by equities research analysts at Johnson Rice from $70.00 to $62.00 in a report issued on Friday,MarketScreener reports. The brokerage presently has a “buy” rating on the energy company’s stock. Johnson Rice’s target price would suggest a potential upside of 62.96% from the stock’s previous close.

A number of other equities analysts also recently commented on DVN. Piper Sandler cut their price objective on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, November 18th. Wells Fargo & Company reduced their target price on shares of Devon Energy from $43.00 to $37.00 and set an “overweight” rating on the stock in a report on Friday, October 17th. Royal Bank Of Canada set a $42.00 price target on Devon Energy and gave the company a “sector perform” rating in a report on Friday, October 10th. Morgan Stanley reduced their price objective on Devon Energy from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 14th. Finally, Susquehanna increased their target price on Devon Energy from $40.00 to $42.00 and gave the company a “positive” rating in a research note on Wednesday, November 12th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $44.48.

Devon Energy Trading Up 0.9%

Devon Energy stock opened at $38.05 on Friday. Devon Energy has a 52 week low of $25.89 and a 52 week high of $38.88. The stock has a 50-day moving average price of $34.37 and a 200 day moving average price of $33.79. The stock has a market cap of $23.87 billion, a PE ratio of 8.95, a P/E/G ratio of 2.90 and a beta of 0.62. The company has a current ratio of 0.96, a quick ratio of 0.87 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. The company had revenue of $0.00 million for the quarter, compared to analyst estimates of $4.10 billion. Devon Energy had a return on equity of 18.14% and a net margin of 15.56%.During the same quarter in the prior year, the company posted $1.10 EPS. Equities research analysts predict that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in DVN. Vanguard Group Inc. lifted its stake in Devon Energy by 2.6% during the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock worth $3,096,000,000 after purchasing an additional 2,098,568 shares during the last quarter. Geode Capital Management LLC lifted its position in Devon Energy by 1.2% in the 2nd quarter. Geode Capital Management LLC now owns 18,595,683 shares of the energy company’s stock valued at $589,399,000 after purchasing an additional 218,034 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Devon Energy by 5.0% during the 3rd quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock valued at $415,319,000 after purchasing an additional 560,652 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Devon Energy by 6.3% in the third quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company’s stock valued at $327,938,000 after purchasing an additional 552,068 shares during the period. Finally, AQR Capital Management LLC raised its holdings in shares of Devon Energy by 29.3% during the third quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company’s stock valued at $288,306,000 after buying an additional 1,862,720 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.