Citigroup Lowers Devon Energy (NYSE:DVN) Price Target to $48.00

Devon Energy (NYSE:DVN) had its price target cut by research analysts at Citigroup from $55.00 to $48.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the energy company’s stock. Citigroup’s price target would suggest a potential upside of 26.88% from the stock’s previous close.

A number of other analysts have also issued reports on DVN. Evercore ISI reduced their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. Jefferies Financial Group began coverage on Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price objective for the company. Mizuho lowered their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. Benchmark reissued a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Finally, StockNews.com cut shares of Devon Energy from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $51.15.

Devon Energy Trading Up 0.3 %

Shares of DVN opened at $37.83 on Tuesday. The business’s 50-day moving average price is $39.85 and its 200 day moving average price is $43.73. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $24.85 billion, a P/E ratio of 7.05, a P/E/G ratio of 1.21 and a beta of 2.03. Devon Energy has a 1-year low of $37.28 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the firm posted $1.65 earnings per share. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. Analysts expect that Devon Energy will post 4.79 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of DVN. Franklin Resources Inc. boosted its holdings in Devon Energy by 90.1% during the third quarter. Franklin Resources Inc. now owns 1,363,090 shares of the energy company’s stock valued at $58,435,000 after acquiring an additional 646,045 shares during the period. Peapack Gladstone Financial Corp lifted its position in shares of Devon Energy by 13.1% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 137,427 shares of the energy company’s stock worth $5,377,000 after purchasing an additional 15,929 shares during the last quarter. Synovus Financial Corp boosted its stake in Devon Energy by 67.1% during the 3rd quarter. Synovus Financial Corp now owns 38,097 shares of the energy company’s stock valued at $1,490,000 after purchasing an additional 15,294 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Devon Energy in the 3rd quarter valued at approximately $1,576,000. Finally, Sfmg LLC increased its position in Devon Energy by 0.5% in the 3rd quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock worth $2,538,000 after buying an additional 294 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.