TD Cowen Forecasts Strong Price Appreciation for Devon Energy (NYSE:DVN) Stock

Devon Energy (NYSE:DVN) had its target price upped by research analysts at TD Cowen from $46.00 to $50.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the energy company’s stock. TD Cowen’s target price would suggest a potential upside of 5.96% from the company’s current price.

A number of other research analysts have also recently commented on DVN. Roth Mkm reiterated a “buy” rating and issued a $50.00 price target on shares of Devon Energy in a research note on Thursday, February 19th. Argus boosted their price objective on Devon Energy from $41.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Siebert Williams Shank upped their target price on Devon Energy from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Weiss Ratings upgraded Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, January 28th. Finally, Scotiabank reduced their price target on Devon Energy from $45.00 to $41.00 and set a “sector perform” rating on the stock in a report on Monday, February 23rd. Twenty-three equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.96.

Devon Energy Price Performance

Shares of Devon Energy stock traded up $0.54 during midday trading on Tuesday, hitting $47.19. 4,144,391 shares of the company traded hands, compared to its average volume of 12,216,488. The firm’s fifty day moving average price is $41.49 and its 200-day moving average price is $37.33. The stock has a market cap of $29.26 billion, a price-to-earnings ratio of 11.31, a PEG ratio of 4.43 and a beta of 0.56. Devon Energy has a 12 month low of $25.89 and a 12 month high of $47.31. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The business had revenue of $17.19 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same quarter in the prior year, the firm earned $1.10 EPS. The firm’s revenue was down 6.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Devon Energy will post 4.85 earnings per share for the current year.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently made changes to their positions in the stock. World Investment Advisors raised its position in shares of Devon Energy by 54.3% during the fourth quarter. World Investment Advisors now owns 46,916 shares of the energy company’s stock worth $1,719,000 after acquiring an additional 16,505 shares during the last quarter. Corient Private Wealth LLC boosted its holdings in Devon Energy by 12.7% in the fourth quarter. Corient Private Wealth LLC now owns 116,073 shares of the energy company’s stock valued at $4,253,000 after acquiring an additional 13,124 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Devon Energy during the 4th quarter valued at approximately $25,000. Tulsa Wealth Advisors INC acquired a new stake in Devon Energy during the 4th quarter valued at approximately $343,000. Finally, Tobam raised its holdings in Devon Energy by 16.4% during the 4th quarter. Tobam now owns 1,633 shares of the energy company’s stock worth $60,000 after purchasing an additional 230 shares during 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.