Devon Energy (NYSE:DVN) Price Target Raised to $42.00

Devon Energy (NYSE:DVN) had its price objective upped by analysts at The Goldman Sachs Group from $40.00 to $42.00 in a report issued on Thursday,MarketScreener reports. The brokerage presently has a “buy” rating on the energy company’s stock. The Goldman Sachs Group’s price target points to a potential upside of 20.58% from the company’s previous close.

A number of other research analysts have also weighed in on the company. Wells Fargo & Company dropped their target price on Devon Energy from $43.00 to $37.00 and set an “overweight” rating on the stock in a report on Friday, October 17th. Weiss Ratings cut shares of Devon Energy from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, November 7th. Royal Bank Of Canada set a $42.00 price target on shares of Devon Energy and gave the company a “sector perform” rating in a report on Friday, October 10th. Susquehanna raised their target price on shares of Devon Energy from $40.00 to $42.00 and gave the stock a “positive” rating in a research report on Wednesday. Finally, UBS Group boosted their target price on shares of Devon Energy from $37.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.86.

Devon Energy Trading Down 0.6%

Shares of Devon Energy stock traded down $0.21 during trading on Thursday, hitting $34.83. The company’s stock had a trading volume of 591,511 shares, compared to its average volume of 8,540,949. The stock has a 50-day moving average price of $33.90 and a two-hundred day moving average price of $33.34. Devon Energy has a 52 week low of $25.89 and a 52 week high of $39.74. The stock has a market cap of $21.85 billion, a price-to-earnings ratio of 7.77, a price-to-earnings-growth ratio of 2.49 and a beta of 1.01. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. The business had revenue of $0.00 million during the quarter, compared to the consensus estimate of $4.10 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.During the same period in the previous year, the company posted $1.10 earnings per share. Equities research analysts anticipate that Devon Energy will post 4.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of Devon Energy by 2.6% during the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock worth $3,096,000,000 after purchasing an additional 2,098,568 shares in the last quarter. Geode Capital Management LLC boosted its stake in Devon Energy by 1.2% in the 2nd quarter. Geode Capital Management LLC now owns 18,595,683 shares of the energy company’s stock worth $589,399,000 after buying an additional 218,034 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of Devon Energy by 5.0% in the 3rd quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock worth $415,319,000 after buying an additional 560,652 shares during the period. Dimensional Fund Advisors LP lifted its position in Devon Energy by 6.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company’s stock worth $327,938,000 after acquiring an additional 552,068 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in Devon Energy by 5.1% during the 1st quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company’s stock worth $245,987,000 after buying an additional 316,460 shares during the last quarter. 69.72% of the stock is currently 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.