Devon Energy (NYSE:DVN) Price Target Raised to $60.00 at Citigroup
by Sarita Garza · The Markets DailyDevon Energy (NYSE:DVN – Get Free Report) had its target price increased by analysts at Citigroup from $44.00 to $60.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the energy company’s stock. Citigroup’s price target would indicate a potential upside of 16.65% from the company’s current price.
Several other equities research analysts have also recently weighed in on the company. Jefferies Financial Group increased their price target on Devon Energy from $36.00 to $44.00 in a research note on Monday, March 9th. Weiss Ratings upgraded shares of Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, January 28th. Johnson Rice reduced their price objective on shares of Devon Energy from $70.00 to $62.00 and set a “buy” rating on the stock in a research note on Friday, December 5th. Siebert Williams Shank lifted their target price on shares of Devon Energy from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Finally, TD Cowen upped their price target on shares of Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a research report on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.89.
Check Out Our Latest Stock Analysis on Devon Energy
Devon Energy Trading Down 1.2%
NYSE DVN traded down $0.63 on Monday, hitting $51.44. The company’s stock had a trading volume of 7,660,525 shares, compared to its average volume of 13,783,623. The company’s 50-day moving average is $43.90 and its 200 day moving average is $38.23. The firm has a market cap of $31.89 billion, a PE ratio of 12.34, a PEG ratio of 1.12 and a beta of 0.56. Devon Energy has a 1-year low of $25.89 and a 1-year high of $52.71. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48.
Devon Energy (NYSE:DVN – Get Free Report) last issued its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.01. The company had revenue of $4.12 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. Devon Energy’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.10 earnings per share. As a group, analysts predict that Devon Energy will post 4.85 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Devon Energy
Several institutional investors have recently modified their holdings of DVN. Caldwell Trust Co bought a new stake in shares of Devon Energy in the 2nd quarter valued at about $25,000. PFS Partners LLC purchased a new stake in shares of Devon Energy during the third quarter worth about $25,000. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in Devon Energy during the 4th quarter valued at about $25,000. First Horizon Corp bought a new position in Devon Energy during the 3rd quarter valued at approximately $26,000. Finally, Accredited Wealth Management LLC grew its position in shares of Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after buying an additional 308 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.
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.