Devon Energy (NYSE:DVN) Price Target Lowered to $63.00 at Capital One Financial

Devon Energy (NYSE:DVN) had its target price decreased by equities researchers at Capital One Financial from $64.00 to $63.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. The firm presently has an “overweight” rating on the energy company’s stock. Capital One Financial‘s price target would indicate a potential upside of 39.32% from the stock’s previous close.

A number of other research analysts have also weighed in on the stock. Jefferies Financial Group raised their target price on shares of Devon Energy from $44.00 to $53.00 and gave the company a “hold” rating in a report on Monday. Roth Mkm reaffirmed a “buy” rating and set a $50.00 price target on shares of Devon Energy in a research note on Thursday, February 19th. Weiss Ratings raised shares of Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, January 28th. Morgan Stanley boosted their target price on shares of Devon Energy from $46.00 to $59.00 and gave the stock an “overweight” rating in a report on Friday, March 27th. Finally, Wolfe Research upped their target price on shares of Devon Energy from $64.00 to $65.00 and gave the company an “outperform” rating in a research report on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $53.25.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $45.22 on Tuesday. The company has a market cap of $28.10 billion, a P/E ratio of 10.85, a P/E/G ratio of 0.92 and a beta of 0.47. Devon Energy has a 52-week low of $28.61 and a 52-week high of $52.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98. The firm’s fifty day moving average is $46.28 and its two-hundred day moving average is $39.39.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The firm had revenue of $4.12 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same quarter last year, the business posted $1.10 earnings per share. The business’s quarterly revenue was down 6.4% compared to the same quarter last year. As a group, analysts anticipate that Devon Energy will post 4.85 EPS for the current fiscal year.

Institutional Trading of Devon Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. boosted its position in shares of Devon Energy by 2,108.0% during the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock valued at $233,953,000 after buying an additional 6,097,658 shares during the period. Panagora Asset Management Inc. raised its holdings in shares of Devon Energy by 42,376.5% in the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock worth $132,206,000 after buying an additional 3,600,731 shares during the period. Kimmeridge Energy Management Company LLC lifted its stake in shares of Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after acquiring an additional 3,195,862 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Devon Energy by 78.7% during the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after purchasing an additional 2,802,137 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in Devon Energy by 608.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,695,079 shares of the energy company’s stock valued at $98,721,000 after buying an additional 2,314,843 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

About Devon Energy

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.