Devon Energy (NYSE:DVN) had its target price raised by UBS Group from $14.00 to $19.00 in a report issued on Monday, BenzingaRatingsTable reports. The firm currently has a “buy” rating on the energy company’s stock. UBS Group’s target price would indicate a potential upside of 67.55% from the stock’s previous close.

Several other equities analysts have also recently weighed in on DVN. Wells Fargo & Co raised their price target on Devon Energy from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Thursday, June 25th. Raymond James raised their price target on Devon Energy from $11.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Goldman Sachs Group upgraded Devon Energy from a “sell” rating to a “neutral” rating and cut their price target for the company from $24.00 to $10.00 in a report on Monday, March 16th. Piper Sandler lowered Devon Energy from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $38.00 to $6.00 in a research note on Tuesday, March 24th. Finally, Bank of America raised their price objective on Devon Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Eight research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $19.90.

NYSE:DVN opened at $11.34 on Monday. The stock has a market capitalization of $4.19 billion, a P/E ratio of -2.24 and a beta of 3.34. The stock has a 50-day moving average price of $12.48 and a 200 day moving average price of $16.06. The company has a current ratio of 2.61, a quick ratio of 2.61 and a debt-to-equity ratio of 1.06. Devon Energy has a 12-month low of $4.70 and a 12-month high of $29.36.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $0.13 earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.31. The business had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $1.47 billion. Devon Energy had a positive return on equity of 7.81% and a negative net margin of 24.91%. The firm’s revenue for the quarter was up 93.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.36 EPS. On average, research analysts predict that Devon Energy will post -0.28 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of DVN. Norges Bank bought a new stake in shares of Devon Energy during the 4th quarter worth approximately $126,508,000. Invesco Ltd. lifted its stake in shares of Devon Energy by 14.3% during the 1st quarter. Invesco Ltd. now owns 27,933,596 shares of the energy company’s stock worth $193,021,000 after acquiring an additional 3,485,907 shares during the last quarter. State Street Corp lifted its stake in shares of Devon Energy by 13.0% during the 1st quarter. State Street Corp now owns 24,499,871 shares of the energy company’s stock worth $169,294,000 after acquiring an additional 2,811,799 shares during the last quarter. Parametric Portfolio Associates LLC raised its position in Devon Energy by 189.4% during the 1st quarter. Parametric Portfolio Associates LLC now owns 3,439,269 shares of the energy company’s stock valued at $23,765,000 after purchasing an additional 2,250,796 shares in the last quarter. Finally, BlackRock Inc. raised its position in Devon Energy by 6.5% during the 1st quarter. BlackRock Inc. now owns 31,773,581 shares of the energy company’s stock valued at $219,557,000 after purchasing an additional 1,930,409 shares in the last quarter. 81.83% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Analyst Recommendations for Devon Energy (NYSE:DVN)

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