Devon Energy (NYSE:DVN) Given New $61.00 Price Target at Capital One Financial

Devon Energy (NYSE:DVN) had its price target lowered by equities researchers at Capital One Financial from $63.00 to $61.00 in a research note issued to investors on Tuesday,MarketScreener reports. The brokerage currently has an “overweight” rating on the energy company’s stock. Capital One Financial‘s target price indicates a potential upside of 32.11% from the stock’s previous close.

Several other research analysts have also recently commented on DVN. Scotiabank boosted their price target on Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. Mizuho raised their price objective on Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Jefferies Financial Group lifted their price objective on Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Wall Street Zen lowered Devon Energy from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. Finally, Susquehanna increased their target price on Devon Energy from $52.00 to $57.00 and gave the company a “positive” rating in a research note on Tuesday, April 21st. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $57.89.

Devon Energy Stock Up 3.8%

DVN traded up $1.68 during trading hours on Tuesday, reaching $46.17. 18,751,304 shares of the stock traded hands, compared to its average volume of 15,327,251. Devon Energy has a fifty-two week low of $30.75 and a fifty-two week high of $52.71. The company has a market cap of $28.69 billion, a price-to-earnings ratio of 12.84 and a beta of 0.38. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The firm’s fifty day simple moving average is $47.91 and its two-hundred day simple moving average is $42.51.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business’s quarterly revenue was down 14.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.82 EPS. As a group, analysts forecast that Devon Energy will post 4.24 earnings per share for the current fiscal year.

Insider Activity at Devon Energy

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president directly owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the transaction, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.71% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Tobam raised its holdings in shares of Devon Energy by 16.4% during the fourth quarter. Tobam now owns 1,633 shares of the energy company’s stock valued at $60,000 after buying an additional 230 shares during the last quarter. TD Private Client Wealth LLC grew its holdings in Devon Energy by 3.4% in the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock worth $262,000 after buying an additional 236 shares in the last quarter. Catalyst Financial Partners LLC grew its holdings in Devon Energy by 3.9% in the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock worth $246,000 after buying an additional 254 shares in the last quarter. Cary Street Partners Investment Advisory LLC increased its position in Devon Energy by 21.0% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock valued at $54,000 after acquiring an additional 257 shares during the period. Finally, Zions Bancorporation National Association UT raised its stake in Devon Energy by 7.9% during the 4th quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company’s stock valued at $129,000 after acquiring an additional 258 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.