Barclays Issues Pessimistic Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its target price cut by equities research analysts at Barclays from $60.00 to $57.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the energy company’s stock. Barclays‘s target price points to a potential upside of 32.79% from the stock’s previous close.

Several other equities analysts also recently commented on DVN. Citigroup raised their target price on Devon Energy from $65.00 to $67.00 and gave the stock a “buy” rating in a research report on Monday, August 31st. Weiss Ratings upgraded Devon Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. Truist Financial lowered their price target on Devon Energy from $65.00 to $61.00 and set a “buy” rating on the stock in a research report on Wednesday, October 7th. Mizuho dropped their price objective on Devon Energy from $68.00 to $65.00 and set an “outperform” rating for the company in a research note on Friday, October 16th. Finally, Wells Fargo & Company cut their price objective on Devon Energy from $65.00 to $64.00 and set an “overweight” rating for the company in a report on Monday, September 28th. Two analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $60.61.

Devon Energy Price Performance

DVN traded up $0.04 during midday trading on Friday, reaching $42.92. 6,059,506 shares of the company’s stock were exchanged, compared to its average volume of 12,821,036. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The business has a 50-day simple moving average of $48.74 and a two-hundred day simple moving average of $46.01. The firm has a market capitalization of $47.22 billion, a price-to-earnings ratio of 10.17, a price-to-earnings-growth ratio of 1.15 and a beta of 0.43. Devon Energy has a one year low of $32.49 and a one year high of $52.71.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Thursday, November 5th. The energy company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.09. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. The company had revenue of $6.86 billion for the quarter, compared to analyst estimates of $6.57 billion. During the same period in the prior year, the company posted $1.04 EPS. The company’s revenue was up 66.5% compared to the same quarter last year. As a group, research analysts predict that Devon Energy will post 5.49 EPS for the current year.

Insider Activity at Devon Energy

In other news, CEO Clay Gaspar acquired 3,913 shares of the company’s stock in a transaction dated Monday, September 14th. The stock was bought at an average price of $51.08 per share, with a total value of $199,876.04. Following the completion of the acquisition, the chief executive officer owned 619,152 shares in the company, valued at approximately $31,626,284.16. This represents a 0.64% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of Devon Energy stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $50.95, for a total transaction of $344,218.20. Following the completion of the transaction, the executive vice president owned 72,720 shares of the company’s stock, valued at $3,705,084. This trade represents a 8.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 4.58% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Maryland State Retirement & Pension System grew its holdings in shares of Devon Energy by 16.5% during the third quarter. Maryland State Retirement & Pension System now owns 69,135 shares of the energy company’s stock worth $3,183,000 after purchasing an additional 9,783 shares during the last quarter. Joel Isaacson & Co. LLC bought a new position in shares of Devon Energy in the third quarter valued at about $272,000. Jefferies Financial Group Inc. raised its holdings in shares of Devon Energy by 229.6% in the third quarter. Jefferies Financial Group Inc. now owns 680,720 shares of the energy company’s stock valued at $31,340,000 after buying an additional 474,219 shares during the last quarter. First Command Advisory Services Inc. raised its holdings in shares of Devon Energy by 256.9% in the third quarter. First Command Advisory Services Inc. now owns 4,793 shares of the energy company’s stock valued at $221,000 after buying an additional 3,450 shares during the last quarter. Finally, DSG Capital Advisors LLC lifted its position in Devon Energy by 1.0% during the 3rd quarter. DSG Capital Advisors LLC now owns 95,857 shares of the energy company’s stock worth $4,413,000 after buying an additional 953 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Devon Energy

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Devon reported third-quarter adjusted earnings of $1.42 per share, ahead of the cited consensus estimate of $1.33 and up from $1.04 a year earlier. Revenue was $6.86 billion and rose substantially year over year, although estimates cited in reports differ. Reuters report on Devon’s third-quarter results
• Positive Sentiment: Coverage says Devon generated about $2 billion in free cash flow and plans to accelerate share repurchases. The company also raised expected merger synergies, potentially strengthening the case for future cash returns and cost savings. Report on Devon’s free cash flow and buybacks
• Positive Sentiment: Devon declared a quarterly dividend of $0.32 per share, equivalent to $1.28 annualized, with payment scheduled for December 30.
• Neutral Sentiment: Activist shareholders are renewing calls for Devon to sell itself. TOMS Capital Investment Management said it is disappointed with the decision not to pursue an asset sale but remains willing to engage with interested acquirers. A potential transaction could attract investor interest, but no deal is announced and the campaign adds pressure on management and the board. Article on activist shareholders’ calls for Devon to sell itself

About Devon Energy

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.