Devon Energy (NYSE:DVN) Given New $60.00 Price Target at Scotiabank

Devon Energy (NYSE:DVN) had its price objective dropped by equities researchers at Scotiabank from $67.00 to $60.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “sector outperform” rating on the energy company’s stock. Scotiabank’s price target would suggest a potential upside of 29.09% from the company’s current price.

A number of other brokerages have also recently weighed in on DVN. Truist Financial cut their price objective on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a report on Tuesday. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Susquehanna restated a “positive” rating and issued a $65.00 price objective on shares of Devon Energy in a report on Tuesday. Bank of America restated a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a report on Friday, June 14th. Finally, Barclays initiated coverage on shares of Devon Energy in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $59.56.

Devon Energy Trading Up 0.1 %

DVN stock traded up $0.06 during trading on Friday, reaching $46.48. The company had a trading volume of 4,941,654 shares, compared to its average volume of 7,281,324. Devon Energy has a 52 week low of $40.47 and a 52 week high of $55.09. The company has a market cap of $29.38 billion, a P/E ratio of 8.87, a PEG ratio of 1.19 and a beta of 2.07. The business has a 50 day moving average of $47.86 and a 200 day moving average of $47.01. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the prior year, the firm earned $1.46 earnings per share. Devon Energy’s revenue was down 5.9% on a year-over-year basis. As a group, sell-side analysts forecast that Devon Energy will post 5.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.73% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Devon Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Manchester Capital Management LLC purchased a new position in shares of Devon Energy in the 4th quarter worth $28,000. Tradewinds Capital Management LLC purchased a new position in shares of Devon Energy in the 1st quarter worth $30,000. Sound Income Strategies LLC boosted its stake in shares of Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares during the period. Rise Advisors LLC boosted its stake in shares of Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after purchasing an additional 669 shares during the period. Finally, Jones Financial Companies Lllp boosted its stake in shares of Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after purchasing an additional 374 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.