Wells Fargo & Company Has Lowered Expectations for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its target price lowered by stock analysts at Wells Fargo & Company from $46.00 to $41.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the energy company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 19.23% from the company’s previous close.

Several other research analysts have also recently issued reports on the company. Scotiabank cut their target price on Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating on the stock in a research report on Friday, April 11th. Benchmark reaffirmed a “buy” rating and set a $44.00 target price on shares of Devon Energy in a research report on Thursday, February 20th. Susquehanna dropped their price target on Devon Energy from $52.00 to $41.00 and set a “positive” rating on the stock in a report on Tuesday, April 22nd. Piper Sandler dropped their price target on Devon Energy from $56.00 to $53.00 and set an “overweight” rating on the stock in a report on Tuesday, May 13th. Finally, Royal Bank of Canada dropped their price target on Devon Energy from $49.00 to $40.00 and set a “sector perform” rating on the stock in a report on Monday, April 14th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.50.

Devon Energy Stock Down 2.1%

NYSE:DVN traded down $0.72 on Monday, hitting $34.39. The stock had a trading volume of 3,080,423 shares, compared to its average volume of 8,707,560. The business’s fifty day moving average is $31.38 and its 200 day moving average is $33.59. The company has a market cap of $22.08 billion, a PE ratio of 7.54, a P/E/G ratio of 1.20 and a beta of 1.02. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy has a 52 week low of $25.89 and a 52 week high of $49.35.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). The firm had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.31 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm’s revenue was up 23.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.16 EPS. On average, equities research analysts expect that Devon Energy will post 4.85 EPS for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

Hedge funds and other institutional investors have recently modified their holdings of the business. Hurley Capital LLC bought a new stake in Devon Energy during the 4th quarter valued at $26,000. Financial Gravity Asset Management Inc. acquired a new stake in Devon Energy during the 1st quarter worth about $26,000. Banque Cantonale Vaudoise purchased a new stake in shares of Devon Energy in the first quarter worth about $26,000. Accredited Wealth Management LLC purchased a new stake in shares of Devon Energy in the fourth quarter worth about $28,000. Finally, Rakuten Securities Inc. boosted its stake in shares of Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock worth $31,000 after buying an additional 405 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Company Profile

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.