Piper Sandler Boosts Devon Energy (NYSE:DVN) Price Target to $54.00

Devon Energy (NYSE:DVN) had its price objective lifted by stock analysts at Piper Sandler from $53.00 to $54.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the energy company’s stock. Piper Sandler’s price target indicates a potential upside of 56.29% from the stock’s current price.

Several other analysts have also weighed in on the company. Benchmark raised Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a report on Tuesday, January 14th. Citigroup decreased their price objective on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Royal Bank of Canada reissued a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a report on Friday, January 10th. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Wednesday, January 15th. Finally, StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.45.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $34.55 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The business’s 50 day moving average is $35.14 and its two-hundred day moving average is $39.70. The company has a market cap of $22.70 billion, a P/E ratio of 6.41, a P/E/G ratio of 1.21 and a beta of 2.00. Devon Energy has a 12 month low of $30.39 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the business posted $1.65 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, equities analysts expect that Devon Energy will post 4.7 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its position in Devon Energy by 1.3% during the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after purchasing an additional 206,884 shares during the last quarter. EnCap Energy Capital Fund XI L.P. acquired a new position in Devon Energy during the third quarter valued at approximately $461,857,000. Pacer Advisors Inc. boosted its position in Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares during the last quarter. EnCap Partners GP LLC acquired a new position in Devon Energy during the third quarter valued at approximately $408,653,000. Finally, Victory Capital Management Inc. boosted its position in Devon Energy by 3.8% during the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after purchasing an additional 361,968 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

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.