Devon Energy (NYSE:DVN) Given New $46.00 Price Target at TD Cowen

Devon Energy (NYSE:DVN) had its price objective dropped by analysts at TD Cowen from $54.00 to $46.00 in a note issued to investors on Tuesday. The brokerage presently has a “hold” rating on the energy company’s stock. TD Cowen’s price target suggests a potential upside of 16.96% from the company’s current price.

Several other equities research analysts have also recently weighed in on DVN. BMO Capital Markets lowered their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Wolfe Research began coverage on Devon Energy in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. JPMorgan Chase & Co. reduced their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Finally, Sanford C. Bernstein cut their target price on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $52.15.

Devon Energy Stock Performance

Shares of Devon Energy stock traded up $0.18 during trading on Tuesday, hitting $39.33. 2,769,295 shares of the company’s stock traded hands, compared to its average volume of 7,309,650. The stock has a market capitalization of $24.63 billion, a P/E ratio of 7.13, a PEG ratio of 1.18 and a beta of 2.03. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The business has a 50-day simple moving average of $40.92 and a 200-day simple moving average of $45.15. Devon Energy has a 1 year low of $37.76 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.18 EPS. As a group, analysts forecast that Devon Energy will post 4.93 EPS for the current year.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently bought and sold shares of DVN. Triad Wealth Partners LLC bought a new position in Devon Energy in the second quarter valued at approximately $27,000. 1620 Investment Advisors Inc. acquired a new position in shares of Devon Energy in the second quarter worth approximately $34,000. PSI Advisors LLC increased its stake in shares of Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares in the last quarter. LRI Investments LLC bought a new position in Devon Energy in the first quarter worth approximately $39,000. Finally, Manchester Capital Management LLC raised its holdings in Devon Energy by 40.9% during the first quarter. Manchester Capital Management LLC now owns 861 shares of the energy company’s stock worth $43,000 after buying an additional 250 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Company Profile

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.