Piper Sandler Raises Devon Energy (NYSE:DVN) Price Target to $37.00

Devon Energy (NYSE:DVN) had its price target raised by equities researchers at Piper Sandler from $34.00 to $37.00 in a note issued to investors on Thursday, The Fly reports. The firm presently has an “overweight” rating on the energy company’s stock. Piper Sandler’s price target would suggest a potential upside of 40.47% from the stock’s previous close.

Several other research firms have also commented on DVN. Northland Securities lifted their price target on Devon Energy from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Wednesday, May 5th. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $27.00 to $37.00 in a report on Monday, June 21st. Barclays lifted their price target on Devon Energy from $27.00 to $35.00 and gave the stock an “overweight” rating in a report on Thursday, June 3rd. Royal Bank of Canada reiterated a “hold” rating and set a $35.00 price target on shares of Devon Energy in a report on Wednesday, July 7th. Finally, Truist Securities lifted their price target on Devon Energy from $35.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, July 1st. Four research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $30.03.

Shares of DVN stock opened at $26.34 on Thursday. The company has a fifty day moving average price of $28.00. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.83. The stock has a market cap of $17.83 billion, a price-to-earnings ratio of -13.30, a P/E/G ratio of 0.34 and a beta of 3.35. Devon Energy has a fifty-two week low of $7.73 and a fifty-two week high of $31.99.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 4th. The energy company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.10. The company had revenue of $1.76 billion for the quarter, compared to analyst estimates of $2.27 billion. Devon Energy had a positive return on equity of 4.86% and a negative net margin of 14.46%. During the same quarter last year, the firm posted $0.06 EPS. As a group, equities research analysts predict that Devon Energy will post 2.42 earnings per share for the current year.

In other Devon Energy news, CAO Jeremy D. Humphers sold 1,500 shares of Devon Energy stock in a transaction dated Tuesday, June 1st. The stock was sold at an average price of $29.78, for a total value of $44,670.00. Following the completion of the transaction, the chief accounting officer now directly owns 49,031 shares of the company’s stock, valued at approximately $1,460,143.18. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Dennis C. Cameron sold 9,632 shares of the business’s stock in a transaction dated Thursday, June 3rd. The stock was sold at an average price of $31.26, for a total value of $301,096.32. Following the transaction, the executive vice president now directly owns 316,658 shares of the company’s stock, valued at $9,898,729.08. The disclosure for this sale can be found here. Insiders own 0.59% of the company’s stock.

Several institutional investors have recently made changes to their positions in DVN. FIL Ltd acquired a new position in shares of Devon Energy during the fourth quarter worth about $347,000. Public Employees Retirement System of Ohio grew its position in shares of Devon Energy by 18.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 187,609 shares of the energy company’s stock worth $2,966,000 after buying an additional 28,671 shares in the last quarter. LPL Financial LLC grew its position in shares of Devon Energy by 123.2% during the fourth quarter. LPL Financial LLC now owns 79,003 shares of the energy company’s stock worth $1,249,000 after buying an additional 43,607 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its position in shares of Devon Energy by 59.2% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 47,409 shares of the energy company’s stock worth $750,000 after buying an additional 17,625 shares in the last quarter. Finally, Stifel Financial Corp grew its position in shares of Devon Energy by 1,260.9% during the fourth quarter. Stifel Financial Corp now owns 288,301 shares of the energy company’s stock worth $4,558,000 after buying an additional 267,117 shares in the last quarter. 82.95% of the stock is owned by institutional investors and hedge funds.

About Devon Energy

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 3,942 gross wells. Devon Energy Corporation was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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