Raymond James Lowers Devon Energy (NYSE:DVN) Price Target to $51.00

Devon Energy (NYSE:DVN) had its price objective reduced by Raymond James from $58.00 to $51.00 in a research report released on Tuesday morning.

A number of other research firms have also recently weighed in on DVN. Barclays cut their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Benchmark restated a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research report on Tuesday, September 3rd. Scotiabank cut their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Finally, JPMorgan Chase & Co. reduced their target price on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $52.15.

Devon Energy Stock Up 0.5 %

Devon Energy stock opened at $39.33 on Tuesday. The business’s 50-day moving average price is $40.92 and its 200 day moving average price is $45.15. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The firm has a market cap of $24.63 billion, a price-to-earnings ratio of 7.14, a price-to-earnings-growth ratio of 1.18 and a beta of 2.03. Devon Energy has a 52 week low of $37.76 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter last year, the company earned $1.18 EPS. The business’s revenue was up 13.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Devon Energy will post 4.93 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. increased its position in Devon Energy by 68.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 173,601 shares of the energy company’s stock worth $8,514,000 after purchasing an additional 70,354 shares during the last quarter. Financial Counselors Inc. increased its holdings in shares of Devon Energy by 15.4% during the 1st quarter. Financial Counselors Inc. now owns 6,960 shares of the energy company’s stock worth $349,000 after buying an additional 929 shares during the last quarter. Whittier Trust Co. increased its holdings in shares of Devon Energy by 23.1% during the 1st quarter. Whittier Trust Co. now owns 1,600 shares of the energy company’s stock worth $80,000 after buying an additional 300 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its position in shares of Devon Energy by 7.4% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after buying an additional 209 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its holdings in Devon Energy by 108.3% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 21,318 shares of the energy company’s stock valued at $1,070,000 after acquiring an additional 11,083 shares during the last quarter. Hedge funds and other institutional investors 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.