Piper Sandler Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its target price boosted by Piper Sandler from $56.00 to $57.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the energy company’s stock. Piper Sandler’s price objective points to a potential upside of 46.72% from the stock’s previous close.

Other research analysts have also issued reports about the company. Truist Financial lowered Devon Energy from a “buy” rating to a “hold” rating and decreased their price objective for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. JPMorgan Chase & Co. decreased their price target on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Scotiabank dropped their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Morgan Stanley reduced their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Finally, Evercore ISI dropped their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research note on Monday, September 30th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $51.85.

Devon Energy Price Performance

Shares of Devon Energy stock traded up $0.38 during trading on Monday, reaching $38.85. The company’s stock had a trading volume of 2,097,517 shares, compared to its average volume of 7,408,203. The stock has a 50-day moving average price of $40.09 and a two-hundred day moving average price of $44.33. The stock has a market capitalization of $25.52 billion, a P/E ratio of 7.21, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy has a one year low of $37.76 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the firm posted $1.65 earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Devon Energy will post 4.84 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently bought and sold shares of the company. Triad Wealth Partners LLC purchased a new stake in Devon Energy in the 2nd quarter valued at about $27,000. 1620 Investment Advisors Inc. bought a new stake in Devon Energy during the second quarter worth $34,000. PSI Advisors LLC boosted its position in Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after purchasing an additional 300 shares during the last quarter. LRI Investments LLC purchased a new position in shares of Devon Energy in the 1st quarter worth about $39,000. Finally, Capital Performance Advisors LLP purchased a new stake in Devon Energy during the third quarter worth about $35,000. 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.