Devon Energy (NYSE:DVN) Price Target Raised to $51.00 at Argus

Devon Energy (NYSE:DVN) had its price target raised by investment analysts at Argus from $41.00 to $51.00 in a note issued to investors on Thursday,MarketScreener reports. The brokerage presently has a “buy” rating on the energy company’s stock. Argus’ price objective points to a potential upside of 20.16% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. Wolfe Research boosted their target price on Devon Energy from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 18th. Siebert Williams Shank upped their target price on shares of Devon Energy from $46.00 to $50.00 and gave the company a “buy” rating in a report on Monday, January 26th. Citigroup lifted their price target on shares of Devon Energy from $43.00 to $44.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Roth Mkm restated a “buy” rating and issued a $50.00 price objective on shares of Devon Energy in a research note on Thursday, February 19th. Finally, Sanford C. Bernstein cut their target price on Devon Energy from $48.00 to $42.00 and set an “outperform” rating on the stock in a research report on Monday, January 5th. Twenty-three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.37.

Devon Energy Stock Down 0.4%

Shares of DVN traded down $0.18 during midday trading on Thursday, hitting $42.44. The company had a trading volume of 837,376 shares, compared to its average volume of 10,901,368. Devon Energy has a 1 year low of $25.89 and a 1 year high of $46.15. The company’s 50-day simple moving average is $39.34 and its 200-day simple moving average is $36.36. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98. The firm has a market capitalization of $26.31 billion, a P/E ratio of 10.19, a P/E/G ratio of 4.11 and a beta of 0.61.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The company had revenue of $17.19 billion for the quarter, compared to the consensus estimate of $3.67 billion. During the same period in the prior year, the firm posted $1.10 EPS. The company’s quarterly revenue was down 6.4% compared to the same quarter last year. As a group, sell-side analysts expect that Devon Energy will post 4.85 EPS for the current year.

Institutional Investors Weigh In On Devon Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. MidFirst Bank purchased a new position in shares of Devon Energy in the 4th quarter valued at about $927,000. SG Trading Solutions LLC purchased a new position in Devon Energy in the fourth quarter valued at about $891,000. Pacer Advisors Inc. boosted its stake in shares of Devon Energy by 2,108.0% during the 4th quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock worth $233,953,000 after acquiring an additional 6,097,658 shares in the last quarter. MV Capital Management Inc. acquired a new stake in shares of Devon Energy in the 4th quarter worth approximately $29,000. Finally, Mcguire Capital Advisors Inc. acquired a new position in Devon Energy during the fourth quarter worth $745,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.