Stifel Nicolaus Increases Devon Energy (NYSE:DVN) Price Target to $66.00

Devon Energy (NYSE:DVN) had its price target increased by equities research analysts at Stifel Nicolaus from $65.00 to $66.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the energy company’s stock. Stifel Nicolaus’ price target suggests a potential upside of 26.70% from the stock’s current price.

Several other research firms have also weighed in on DVN. Raymond James dropped their price objective on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Scotiabank raised their price target on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Morgan Stanley raised their price target on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $46.00 to $59.00 in a report on Monday, April 1st. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price target on shares of Devon Energy in a report on Thursday, March 7th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.33.

Devon Energy Stock Performance

NYSE DVN opened at $52.09 on Tuesday. The firm has a market cap of $33.08 billion, a price-to-earnings ratio of 8.93 and a beta of 2.19. The company has a 50 day moving average of $48.51 and a 200-day moving average of $46.09. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. Devon Energy has a 1-year low of $40.47 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.02. The company had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company’s revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the business posted $1.66 earnings per share. On average, equities analysts forecast that Devon Energy will post 5.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Keene & Associates Inc. boosted its position in shares of Devon Energy by 1.3% during the first quarter. Keene & Associates Inc. now owns 71,405 shares of the energy company’s stock worth $3,583,000 after purchasing an additional 930 shares in the last quarter. Pinnacle Wealth Management Group Inc. bought a new position in shares of Devon Energy during the first quarter worth $204,000. Adams Natural Resources Fund Inc. boosted its position in shares of Devon Energy by 126.0% during the first quarter. Adams Natural Resources Fund Inc. now owns 284,700 shares of the energy company’s stock worth $14,286,000 after purchasing an additional 158,700 shares in the last quarter. Premier Path Wealth Partners LLC bought a new position in shares of Devon Energy during the first quarter worth $200,000. Finally, Simplicity Wealth LLC bought a new position in shares of Devon Energy during the first quarter worth $575,000. 69.72% of the stock is owned by institutional investors.

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.