Devon Energy (NYSE:DVN) Stock Price Target Cut by Citigroup

Devon Energy (NYSE:DVN) had its price objective lowered by analysts at Citigroup from $67.00 to $60.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the energy company’s stock. Citigroup‘s price objective indicates a potential upside of 28.83% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Stifel Nicolaus assumed coverage on shares of Devon Energy in a research report on Thursday, September 10th. They issued a “buy” rating and a $61.00 price objective for the company. JPMorgan Chase & Co. boosted their target price on shares of Devon Energy from $65.00 to $68.00 and gave the stock an “overweight” rating in a research report on Monday, November 9th. Seaport Research Partners initiated coverage on shares of Devon Energy in a research note on Thursday, September 3rd. They issued a “buy” rating and a $65.00 target price for the company. Susquehanna dropped their price target on shares of Devon Energy from $63.00 to $60.00 and set a “positive” rating on the stock in a research note on Monday, November 9th. Finally, Wall Street Zen upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a report on Saturday, October 3rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $59.72.

Devon Energy Stock Up 0.7%

Shares of NYSE DVN traded up $0.34 on Friday, hitting $46.57. The company had a trading volume of 8,358,951 shares, compared to its average volume of 11,037,116. The company has a quick ratio of 0.65, a current ratio of 0.70 and a debt-to-equity ratio of 0.23. Devon Energy has a 12-month low of $34.23 and a 12-month high of $52.71. The firm has a market capitalization of $53.08 billion, a P/E ratio of 11.64, a PEG ratio of 1.04 and a beta of 0.43. The business has a 50 day moving average of $48.26 and a two-hundred day moving average of $46.20.

Devon Energy (NYSE:DVN) last announced its earnings results on Thursday, November 5th. The energy company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.33 by $0.09. The business had revenue of $6.86 billion for the quarter, compared to the consensus estimate of $6.57 billion. Devon Energy had a return on equity of 14.86% and a net margin of 16.22%. The company’s revenue was up 66.5% on a year-over-year basis. During the same period last year, the business posted $1.04 EPS. As a group, equities research analysts forecast that Devon Energy will post 5.56 earnings per share for the current fiscal year.

Insider Transactions at Devon Energy

In related news, CEO Clay Gaspar bought 3,913 shares of the business’s stock in a transaction dated Monday, September 14th. The shares were acquired at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the purchase, the chief executive officer owned 619,152 shares in the company, valued at $31,626,284.16. This trade represents a 0.64% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $50.95, for a total transaction of $344,218.20. Following the transaction, the executive vice president directly owned 72,720 shares in the company, valued at $3,705,084. The trade was a 8.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 4.58% of the company’s stock.

Institutional Trading of Devon Energy

Several institutional investors and hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP grew its position in shares of Devon Energy by 418.3% in the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock worth $2,128,905,000 after acquiring an additional 41,581,435 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Devon Energy by 57.6% in the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock valued at $3,941,054,000 after acquiring an additional 34,871,366 shares during the last quarter. State Street Corp increased its holdings in shares of Devon Energy by 89.8% in the 2nd quarter. State Street Corp now owns 73,179,266 shares of the energy company’s stock valued at $3,023,767,000 after acquiring an additional 34,615,088 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of Devon Energy in the 2nd quarter valued at approximately $421,226,000. Finally, GQG Partners LLC acquired a new stake in shares of Devon Energy during the 2nd quarter valued at approximately $402,558,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Key Devon Energy News

Here’s some of the latest news about DVN:

• Positive Sentiment: Barclays raised its price target to $59 from $57 and reiterated an “overweight” rating, implying 26.7% upside from the cited share price. Barclays recommendations
• Positive Sentiment: Siebert Williams Shank & Co. maintained its “buy” rating, providing continued analyst support for the stock. Siebert rating report
• Negative Sentiment: Bernstein downgraded DVN to “market perform” from “outperform” and lowered its target to $44 from $49, indicating potential downside from the cited share price. Bernstein downgrade report

About Devon Energy

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market. Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins. The company’s portfolio has evolved through acquisitions and asset sales over its history.