Mizuho Has Lowered Expectations for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price target cut by investment analysts at Mizuho from $46.00 to $43.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the energy company’s stock. Mizuho’s target price indicates a potential upside of 27.04% from the stock’s current price.

A number of other equities analysts have also issued reports on DVN. UBS Group dropped their target price on shares of Devon Energy from $41.00 to $35.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. Williams Trading set a $50.00 price target on shares of Devon Energy in a research note on Wednesday, March 5th. JPMorgan Chase & Co. cut their price objective on Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Barclays boosted their target price on shares of Devon Energy from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 7th. Finally, StockNews.com cut shares of Devon Energy from a “hold” rating to a “sell” rating in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.83.

Devon Energy Stock Up 0.9%

Shares of NYSE:DVN traded up $0.30 during midday trading on Tuesday, hitting $33.85. 563,966 shares of the stock were exchanged, compared to its average volume of 8,548,222. Devon Energy has a 52-week low of $25.89 and a 52-week high of $50.44. The business’s fifty day simple moving average is $32.55 and its two-hundred day simple moving average is $34.65. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The company has a market capitalization of $21.78 billion, a PE ratio of 7.43, a P/E/G ratio of 1.20 and a beta of 1.00.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same period in the prior year, the company posted $1.16 EPS. The business’s revenue was up 23.8% on a year-over-year basis. As a group, research analysts predict that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

Hedge funds and other institutional investors have recently modified their holdings of the business. Hurley Capital LLC bought a new position in Devon Energy in the 4th quarter worth about $26,000. Financial Gravity Asset Management Inc. bought a new stake in shares of Devon Energy during the 1st quarter valued at about $26,000. Banque Cantonale Vaudoise purchased a new position in Devon Energy during the first quarter valued at $26,000. Accredited Wealth Management LLC bought a new stake in Devon Energy in the fourth quarter worth $28,000. Finally, Rakuten Securities Inc. raised its holdings in Devon Energy by 94.6% in the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock worth $31,000 after acquiring an additional 405 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.