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

Devon Energy (NYSE:DVN) had its price target lowered by investment analysts at Truist Financial from $65.00 to $61.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the energy company’s stock. Truist Financial’s price target would suggest a potential upside of 27.89% from the stock’s previous close.

DVN has been the topic of a number of other research reports. UBS Group reissued a “buy” rating on shares of Devon Energy in a report on Wednesday. Argus reissued a “buy” rating and set a $45.85 target price on shares of Devon Energy in a research note on Monday, August 17th. Citigroup increased their price target on shares of Devon Energy from $65.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, August 31st. Barclays decreased their price objective on Devon Energy from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Monday, August 17th. Finally, Wolfe Research set a $67.00 target price on shares of Devon Energy and gave the company an “outperform” rating in a report on Monday, June 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $60.03.

Devon Energy Price Performance

Shares of DVN traded down $0.32 during midday trading on Wednesday, hitting $47.70. 1,854,622 shares of the company traded hands, compared to its average volume of 13,185,002. Devon Energy has a one year low of $31.47 and a one year high of $52.71. The firm has a market cap of $52.47 billion, a P/E ratio of 11.34, a PEG ratio of 1.30 and a beta of 0.49. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The stock has a 50-day moving average of $47.19 and a 200-day moving average of $46.34.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. Devon Energy’s revenue was up 73.1% compared to the same quarter last year. During the same period last year, the business earned $0.84 earnings per share. As a group, sell-side analysts predict that Devon Energy will post 5.27 EPS for the current fiscal year.

Insider Activity

In other news, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the transaction, the executive vice president owned 72,720 shares in the company, valued at $3,705,084. This represents a 8.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Clay Gaspar purchased 3,913 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was acquired at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the completion of the transaction, the chief executive officer directly owned 619,152 shares of the company’s stock, valued at approximately $31,626,284.16. This trade represents a 0.64% increase in their position. The SEC filing for this purchase provides additional information. 4.58% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Devon Energy during the fourth quarter worth $25,000. Premier Financial Group bought a new position in shares of Devon Energy during the 2nd quarter valued at approximately $25,000. JFS Wealth Advisors LLC raised its stake in shares of Devon Energy by 56.6% in the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after acquiring an additional 245 shares during the period. Parvin Asset Management LLC purchased a new stake in Devon Energy in the 2nd quarter worth about $28,000. Finally, MV Capital Management Inc. purchased a new stake in shares of Devon Energy in the fourth quarter worth approximately $29,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company operates in the United States and focuses on onshore properties with oil- and liquids-rich resources.

Devon’s operations are concentrated in several major U.S. producing regions, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.