Mizuho Raises Devon Energy (NYSE:DVN) Price Target to $57.00

Devon Energy (NYSE:DVN) had its target price boosted by equities researchers at Mizuho from $53.00 to $57.00 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the energy company’s stock. Mizuho’s price target suggests a potential upside of 12.78% from the company’s current price.

Several other brokerages also recently commented on DVN. Raymond James decreased their price objective on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 24th. Morgan Stanley raised their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Truist Financial raised their target price on shares of Devon Energy from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. Scotiabank raised their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Finally, UBS Group raised their target price on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $58.44.

Devon Energy Stock Performance

DVN traded up $0.20 during trading on Thursday, hitting $50.54. The company’s stock had a trading volume of 8,953,763 shares, compared to its average volume of 7,073,719. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy has a one year low of $40.47 and a one year high of $55.09. The firm has a market cap of $32.09 billion, a PE ratio of 9.65 and a beta of 2.16. The business’s 50 day simple moving average is $49.62 and its 200-day simple moving average is $46.31.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same period last year, the firm earned $1.46 earnings per share. The company’s quarterly revenue was down 5.9% on a year-over-year basis. As a group, sell-side analysts predict that Devon Energy will post 5.28 EPS for the current fiscal year.

Institutional Trading of Devon Energy

Hedge funds and other institutional investors have recently made changes to their positions in the company. SVB Wealth LLC increased its holdings in Devon Energy by 5.6% in the 3rd quarter. SVB Wealth LLC now owns 8,105 shares of the energy company’s stock valued at $387,000 after purchasing an additional 430 shares during the last quarter. Stratos Wealth Partners LTD. lifted its position in shares of Devon Energy by 2.2% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 27,834 shares of the energy company’s stock worth $1,328,000 after purchasing an additional 594 shares during the last quarter. Stratos Wealth Advisors LLC purchased a new stake in shares of Devon Energy during the 3rd quarter worth $477,000. Independent Advisor Alliance lifted its position in shares of Devon Energy by 51.9% during the 3rd quarter. Independent Advisor Alliance now owns 29,766 shares of the energy company’s stock worth $1,420,000 after purchasing an additional 10,171 shares during the last quarter. Finally, Brown Advisory Inc. lifted its position in shares of Devon Energy by 77.2% during the 3rd quarter. Brown Advisory Inc. now owns 8,316 shares of the energy company’s stock worth $397,000 after purchasing an additional 3,622 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

About Devon Energy

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.