Devon Energy (NYSE:DVN) Stock Price Expected to Rise, Truist Financial Analyst Says

Devon Energy (NYSE:DVN) had its target price increased by equities research analysts at Truist Financial from $42.00 to $44.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “hold” rating on the energy company’s stock. Truist Financial’s price objective points to a potential upside of 15.22% from the stock’s current price.

DVN has been the subject of several other reports. Royal Bank of Canada reissued a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a research note on Friday, January 10th. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research report on Wednesday, January 15th. Barclays lifted their price target on Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a report on Thursday. Citigroup cut their price objective on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Finally, Piper Sandler increased their price target on shares of Devon Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.26.

Devon Energy Stock Up 1.6 %

Shares of Devon Energy stock traded up $0.62 during trading on Thursday, hitting $38.19. 3,132,043 shares of the stock were exchanged, compared to its average volume of 9,486,020. The firm’s 50-day moving average price is $34.31 and its 200 day moving average price is $38.40. Devon Energy has a 12-month low of $30.39 and a 12-month high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The stock has a market cap of $25.09 billion, a price-to-earnings ratio of 8.39, a price-to-earnings-growth ratio of 1.09 and a beta of 1.98.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 23.17% and a net margin of 18.14%. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. As a group, analysts forecast that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in DVN. Creative Planning boosted its holdings in shares of Devon Energy by 33.6% during the 3rd quarter. Creative Planning now owns 132,206 shares of the energy company’s stock worth $5,172,000 after buying an additional 33,249 shares during the period. Sequoia Financial Advisors LLC grew its stake in shares of Devon Energy by 4.6% in the third quarter. Sequoia Financial Advisors LLC now owns 35,711 shares of the energy company’s stock worth $1,397,000 after purchasing an additional 1,564 shares during the last quarter. Leo Wealth LLC bought a new position in shares of Devon Energy during the third quarter worth about $202,000. Private Advisor Group LLC lifted its position in shares of Devon Energy by 15.1% in the 3rd quarter. Private Advisor Group LLC now owns 96,216 shares of the energy company’s stock worth $3,764,000 after purchasing an additional 12,607 shares during the period. Finally, Courier Capital LLC boosted its position in shares of Devon Energy by 6.6% during the 3rd quarter. Courier Capital LLC now owns 17,305 shares of the energy company’s stock valued at $677,000 after purchasing an additional 1,079 shares in the last quarter. Institutional investors and hedge funds 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.