BMO Capital Markets Cuts Devon Energy (NYSE:DVN) Price Target to $48.00

Devon Energy (NYSE:DVN) had its price target lowered by equities researchers at BMO Capital Markets from $50.00 to $48.00 in a research note issued to investors on Monday,MarketScreener reports. The brokerage presently has an “outperform” rating on the energy company’s stock. BMO Capital Markets’ price target would indicate a potential upside of 35.06% from the company’s current price.

Several other brokerages have also issued reports on DVN. Capital One Financial cut their price objective on Devon Energy from $52.00 to $51.00 and set an “overweight” rating for the company in a report on Tuesday, November 11th. Johnson Rice dropped their price target on shares of Devon Energy from $70.00 to $62.00 and set a “buy” rating on the stock in a research note on Friday, December 5th. The Goldman Sachs Group lifted their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. Weiss Ratings reissued a “sell (d+)” rating on shares of Devon Energy in a research report on Monday, December 8th. Finally, Raymond James Financial upped their target price on Devon Energy from $42.00 to $44.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 3rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $44.83.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $35.54 on Monday. Devon Energy has a 12 month low of $25.89 and a 12 month high of $38.88. The stock has a market cap of $22.29 billion, a PE ratio of 8.37, a price-to-earnings-growth ratio of 2.85 and a beta of 0.62. The company has a quick ratio of 0.87, a current ratio of 0.96 and a debt-to-equity ratio of 0.48. The business has a fifty day simple moving average of $34.67 and a 200-day simple moving average of $34.12.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.11. The company had revenue of $0.00 million for the quarter, compared to the consensus estimate of $4.10 billion. Devon Energy had a return on equity of 18.14% and a net margin of 15.56%.During the same quarter in the prior year, the company earned $1.10 EPS. On average, sell-side analysts anticipate that Devon Energy will post 4.85 EPS for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently made changes to their positions in DVN. TD Asset Management Inc boosted its position in shares of Devon Energy by 6.4% during the 2nd quarter. TD Asset Management Inc now owns 267,322 shares of the energy company’s stock valued at $8,504,000 after acquiring an additional 16,106 shares in the last quarter. Stephens Inc. AR boosted its holdings in Devon Energy by 90.4% during the second quarter. Stephens Inc. AR now owns 72,546 shares of the energy company’s stock valued at $2,308,000 after purchasing an additional 34,448 shares in the last quarter. Scott & Selber Inc. bought a new stake in shares of Devon Energy in the 2nd quarter valued at approximately $2,455,000. Natixis boosted its stake in Devon Energy by 101.4% in the 2nd quarter. Natixis now owns 73,902 shares of the energy company’s stock valued at $2,351,000 after buying an additional 37,211 shares in the last quarter. Finally, Kwmg LLC grew its position in Devon Energy by 10.2% in the second quarter. Kwmg LLC now owns 147,671 shares of the energy company’s stock valued at $4,697,000 after acquiring an additional 13,616 shares during the period. Institutional investors own 69.72% of the company’s stock.

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.