Jefferies Financial Group Forecasts Strong Price Appreciation for Devon Energy (NYSE:DVN) Stock

Devon Energy (NYSE:DVN) had its price target increased by Jefferies Financial Group from $36.00 to $44.00 in a research report issued on Monday,MarketScreener reports. Jefferies Financial Group’s price objective would suggest a potential downside of 2.89% from the company’s current price.

A number of other brokerages also recently issued reports on DVN. Mizuho set a $51.00 price target on Devon Energy in a research report on Tuesday, February 3rd. Wells Fargo & Company raised their price objective on Devon Energy from $43.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, February 20th. Piper Sandler boosted their target price on Devon Energy from $55.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday. Argus upped their target price on Devon Energy from $41.00 to $51.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Finally, Barclays increased their price target on Devon Energy from $50.00 to $52.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. Twenty-three research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.54.

Devon Energy Stock Up 1.9%

Shares of Devon Energy stock traded up $0.83 on Monday, reaching $45.31. The stock had a trading volume of 3,716,709 shares, compared to its average volume of 11,356,062. The company has a 50 day moving average price of $40.44 and a 200 day moving average price of $36.90. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. Devon Energy has a 1 year low of $25.89 and a 1 year high of $46.15. The stock has a market capitalization of $28.09 billion, a P/E ratio of 10.87, a P/E/G ratio of 4.50 and a beta of 0.56.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.81 by $0.01. The firm had revenue of $17.19 billion during the quarter, compared to analyst estimates of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. Devon Energy’s revenue was down 6.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.10 EPS. As a group, equities research analysts forecast that Devon Energy will post 4.85 EPS for the current year.

Institutional Trading of Devon Energy

Several large investors have recently added to or reduced their stakes in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Devon Energy during the fourth quarter worth about $25,000. Tulsa Wealth Advisors INC acquired a new position in Devon Energy in the 4th quarter worth approximately $343,000. Tobam raised its position in Devon Energy by 16.4% during the 4th quarter. Tobam now owns 1,633 shares of the energy company’s stock worth $60,000 after buying an additional 230 shares during the last quarter. MidFirst Bank acquired a new stake in Devon Energy during the 4th quarter valued at approximately $927,000. Finally, SG Trading Solutions LLC acquired a new stake in Devon Energy during the 4th quarter valued at approximately $891,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

About Devon Energy

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.