Devon Energy (NYSE:DVN) Given New $41.00 Price Target at Scotiabank

Devon Energy (NYSE:DVN) had its price objective cut by analysts at Scotiabank from $45.00 to $41.00 in a note issued to investors on Monday,MarketScreener reports. The firm currently has a “sector perform” rating on the energy company’s stock. Scotiabank’s price target suggests a potential downside of 8.46% from the company’s previous close.

A number of other brokerages have also commented on DVN. Johnson Rice dropped their target price on Devon Energy from $70.00 to $62.00 and set a “buy” rating on the stock in a research report on Friday, December 5th. Barclays set a $52.00 target price on shares of Devon Energy and gave the company an “overweight” rating in a research report on Monday. Siebert Williams Shank increased their price objective on Devon Energy from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Raymond James Financial boosted their target price on shares of Devon Energy from $44.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 11th. Finally, Citigroup raised their price target on Devon Energy from $43.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.23.

Devon Energy Stock Performance

Shares of DVN opened at $44.79 on Monday. Devon Energy has a 52 week low of $25.89 and a 52 week high of $46.15. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. The stock has a market cap of $27.77 billion, a price-to-earnings ratio of 10.69, a PEG ratio of 4.09 and a beta of 0.61. The business has a 50-day simple moving average of $38.92 and a two-hundred day simple moving average of $36.17.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $3.67 billion. During the same period in the prior year, the firm posted $1.10 EPS. The firm’s quarterly revenue was down 6.4% compared to the same quarter last year. On average, analysts expect that Devon Energy will post 4.85 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Caldwell Trust Co acquired a new stake in Devon Energy in the 2nd quarter valued at approximately $25,000. PFS Partners LLC bought a new stake in shares of Devon Energy during the third quarter valued at about $25,000. First Horizon Corp bought a new stake in shares of Devon Energy during the 3rd quarter worth about $26,000. Accredited Wealth Management LLC lifted its position in Devon Energy by 61.6% in the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after purchasing an additional 308 shares during the period. Finally, Ameriflex Group Inc. boosted its stake in Devon Energy by 702.0% during the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after purchasing an additional 702 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Company Profile

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.