Devon Energy (NYSE:DVN) Stock Price Target Raised at Barclays

Devon Energy (NYSE:DVN) had its price objective upped by Barclays from $57.00 to $59.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the energy company’s stock. Barclays‘s price target points to a potential upside of 26.87% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. Truist Financial upped their target price on Devon Energy from $61.00 to $62.00 and gave the company a “buy” rating in a research report on Monday. Wall Street Zen raised shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday, October 3rd. Weiss Ratings lowered Devon Energy from a “buy (b-)” rating to a “hold (c)” rating in a research note on Monday. Seaport Research Partners assumed coverage on shares of Devon Energy in a research report on Thursday, September 3rd. They set a “buy” rating and a $65.00 price objective for the company. Finally, Argus reissued a “buy” rating and issued a $45.85 target price on shares of Devon Energy in a report on Monday, August 17th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $59.99.

Devon Energy Stock Up 0.6%

Shares of Devon Energy stock traded up $0.27 during trading hours on Friday, reaching $46.50. 1,507,396 shares of the company’s stock were exchanged, compared to its average volume of 12,820,725. Devon Energy has a fifty-two week low of $34.23 and a fifty-two week high of $52.71. The stock has a market cap of $53.00 billion, a P/E ratio of 11.60, a P/E/G ratio of 1.01 and a beta of 0.43. The company has a current ratio of 0.70, a quick ratio of 0.65 and a debt-to-equity ratio of 0.23. The company has a 50 day moving average of $48.30 and a two-hundred day moving average of $46.16.

Devon Energy (NYSE:DVN) last issued its earnings results on Thursday, November 5th. The energy company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.09. Devon Energy had a net margin of 16.22% and a return on equity of 14.86%. The company had revenue of $6.86 billion for the quarter, compared to analysts’ expectations of $6.57 billion. During the same period in the prior year, the firm earned $1.04 EPS. Devon Energy’s quarterly revenue was up 66.5% compared to the same quarter last year. On average, sell-side analysts forecast that Devon Energy will post 5.56 EPS for the current fiscal year.

Insider Transactions at Devon Energy

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

Institutional Trading of Devon Energy

Large investors have recently added to or reduced their stakes in the business. Xcelsior Advisor Partners LLC boosted its position in Devon Energy by 23.1% during the 3rd quarter. Xcelsior Advisor Partners LLC now owns 12,969 shares of the energy company’s stock valued at $597,000 after purchasing an additional 2,436 shares during the period. Bleakley Financial Group LLC increased its position in Devon Energy by 35.2% in the third quarter. Bleakley Financial Group LLC now owns 55,601 shares of the energy company’s stock worth $2,560,000 after buying an additional 14,489 shares during the period. Lifeworks Advisors LLC lifted its stake in Devon Energy by 122.2% in the third quarter. Lifeworks Advisors LLC now owns 12,993 shares of the energy company’s stock valued at $598,000 after buying an additional 7,146 shares during the last quarter. Gamco Investors INC. ET AL lifted its stake in Devon Energy by 22.1% in the third quarter. Gamco Investors INC. ET AL now owns 11,020 shares of the energy company’s stock valued at $507,000 after buying an additional 1,998 shares during the last quarter. Finally, Meeder Advisory Services Inc. lifted its stake in Devon Energy by 37.5% in the third quarter. Meeder Advisory Services Inc. now owns 18,388 shares of the energy company’s stock valued at $847,000 after buying an additional 5,016 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

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.