Devon Energy (NYSE:DVN) Price Target Raised to $65.00 at BMO Capital Markets

Devon Energy (NYSE:DVN) had its price target hoisted by investment analysts at BMO Capital Markets from $60.00 to $65.00 in a research report issued on Wednesday,MarketScreener reports. The firm presently has an “outperform” rating on the energy company’s stock. BMO Capital Markets’ target price would indicate a potential upside of 40.35% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on DVN. Scotiabank increased their price objective on shares of Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. TD Cowen upped their target price on shares of Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a research note on Tuesday, March 17th. Susquehanna increased their price target on shares of Devon Energy from $52.00 to $57.00 and gave the stock a “positive” rating in a research report on Tuesday, April 21st. Mizuho raised their price target on shares of Devon Energy from $51.00 to $62.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 17th. Finally, Tudor Pickering raised Devon Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, April 20th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $55.78.

Devon Energy Stock Performance

Shares of Devon Energy stock traded down $0.46 during midday trading on Wednesday, hitting $46.31. The company had a trading volume of 650,806 shares, compared to its average volume of 13,921,286. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. Devon Energy has a 1-year low of $30.24 and a 1-year high of $52.71. The business’s 50 day simple moving average is $47.53 and its two-hundred day simple moving average is $41.13. The stock has a market cap of $28.78 billion, a PE ratio of 12.82, a P/E/G ratio of 0.71 and a beta of 0.43.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same period in the prior year, the company posted $0.82 EPS. The firm’s quarterly revenue was down 14.5% on a year-over-year basis. As a group, equities analysts predict that Devon Energy will post 5.66 EPS for the current fiscal year.

Insider Activity

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction dated 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 in the company, valued at $19,991,570.32. This represents a 14.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.73% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Devon Energy

A number of large investors have recently modified their holdings of the stock. Oslo Pensjonsforsikring AS acquired a new stake in shares of Devon Energy in the first quarter valued at approximately $474,000. Wilkerson Advisory Group LLC lifted its holdings in Devon Energy by 107.4% during the 1st quarter. Wilkerson Advisory Group LLC now owns 898 shares of the energy company’s stock worth $45,000 after buying an additional 465 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new position in Devon Energy in the first quarter valued at about $69,000. Commerzbank Aktiengesellschaft FI raised its holdings in Devon Energy by 6.8% during the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 32,214 shares of the energy company’s stock worth $1,621,000 after purchasing an additional 2,043 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its position in Devon Energy by 14.5% during the 1st quarter. Meeder Asset Management Inc. now owns 31,496 shares of the energy company’s stock valued at $1,585,000 after purchasing an additional 3,980 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.