Devon Energy (NYSE:DVN) Price Target Lowered to $44.00 at Wells Fargo & Company

Devon Energy (NYSE:DVN) had its price objective decreased by Wells Fargo & Company from $46.00 to $44.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the energy company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 54.06% from the stock’s current price.

Several other analysts also recently weighed in on DVN. Benchmark reiterated a “buy” rating and set a $44.00 target price on shares of Devon Energy in a research report on Thursday, February 20th. Royal Bank of Canada restated a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a research note on Friday, January 10th. Scotiabank reduced their price objective on Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating for the company in a research note on Friday. JPMorgan Chase & Co. cut their target price on Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Finally, Morgan Stanley set a $47.00 price objective on Devon Energy and gave the company an “overweight” rating in a report on Wednesday, March 26th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.13.

Devon Energy Stock Up 1.2 %

Devon Energy stock traded up $0.33 on Monday, hitting $28.56. 763,518 shares of the stock traded hands, compared to its average volume of 8,357,324. Devon Energy has a 1 year low of $25.89 and a 1 year high of $54.04. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The business’s fifty day simple moving average is $34.38 and its 200 day simple moving average is $36.13. The firm has a market cap of $18.54 billion, a P/E ratio of 6.27, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. As a group, sell-side analysts forecast that Devon Energy will post 4.85 earnings per share for the current year.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors have recently added to or reduced their stakes in the company. Klein Pavlis & Peasley Financial Inc. purchased a new position in shares of Devon Energy during the fourth quarter valued at approximately $782,000. World Investment Advisors LLC raised its position in Devon Energy by 3,440.3% in the 3rd quarter. World Investment Advisors LLC now owns 149,437 shares of the energy company’s stock worth $5,846,000 after buying an additional 145,216 shares during the last quarter. Resona Asset Management Co. Ltd. bought a new position in Devon Energy during the 4th quarter valued at about $5,967,000. New York State Teachers Retirement System raised its holdings in Devon Energy by 4.5% in the 4th quarter. New York State Teachers Retirement System now owns 736,351 shares of the energy company’s stock worth $24,101,000 after purchasing an additional 31,520 shares during the period. Finally, First Dallas Securities Inc. lifted its position in Devon Energy by 31.9% during the fourth quarter. First Dallas Securities Inc. now owns 52,715 shares of the energy company’s stock valued at $1,725,000 after purchasing an additional 12,760 shares in the last quarter. Institutional investors 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.