The Goldman Sachs Group Has Lowered Expectations for Devon Energy (NYSE:DVN) Stock Price

by · The Cerbat Gem

Devon Energy (NYSE:DVN – Get Free Report) had its price target reduced by investment analysts at The Goldman Sachs Group from $54.00 to $53.00 in a report released on Tuesday,MarketScreener reports. The firm currently has a “buy” rating on the energy company’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 25.69% from the stock’s current price.

A number of other brokerages also recently commented on DVN. Piper Sandler upped their target price on shares of Devon Energy from $59.00 to $67.00 and gave the stock an “overweight” rating in a research note on Thursday, March 12th. Sanford C. Bernstein raised their price objective on Devon Energy from $42.00 to $59.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Jefferies Financial Group lifted their target price on Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Monday, May 18th. Morgan Stanley cut their price target on Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Raymond James Financial lowered their price objective on shares of Devon Energy from $72.00 to $66.00 and set a “strong-buy” rating for the company in a research note on Monday, June 15th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $58.81.

View Our Latest Report on DVN

Devon Energy Price Performance

DVN opened at $42.17 on Tuesday. The business has a fifty day moving average of $45.92 and a 200 day moving average of $43.57. The stock has a market cap of $26.20 billion, a P/E ratio of 11.74 and a beta of 0.38. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. Devon Energy has a 52-week low of $31.45 and a 52-week high of $52.71.

Devon Energy (NYSE:DVN – Get Free Report) last released its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.82 earnings per share. As a group, sell-side analysts anticipate that Devon Energy will post 4.97 EPS for the current year.

Insider Activity at Devon Energy

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the transaction, the executive vice president owned 428,452 shares of the company’s stock, valued at $19,991,570.32. This trade represents a 14.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 112,371 shares of company stock worth $5,258,059 over the last ninety days. Company insiders own 4.58% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Devon Energy during the fourth quarter worth $25,000. Ameriflex Group Inc. lifted its position in Devon Energy by 702.0% in the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after acquiring an additional 702 shares in the last quarter. MV Capital Management Inc. acquired a new position in Devon Energy in the 4th quarter worth $29,000. Garton & Associates Financial Advisors LLC acquired a new position in Devon Energy in the 4th quarter worth $29,000. Finally, Neo Ivy Capital Management acquired a new position in Devon Energy in the 3rd quarter worth $31,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Company Profile

(Get Free Report)

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.

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