Devon Energy (NYSE:DVN) Stock Price Target Lowered at Citigroup

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

Several other equities research analysts have also commented on the stock. Stifel Nicolaus assumed coverage on shares of Devon Energy in a research report on Thursday, September 10th. They set a “buy” rating and a $61.00 target price on the stock. Seaport Research Partners assumed coverage on Devon Energy in a research report on Thursday, September 3rd. They set a “buy” rating and a $65.00 price target for the company. Wall Street Zen raised shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday, October 3rd. JPMorgan Chase & Co. upped their target price on Devon Energy from $65.00 to $68.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Morgan Stanley cut their price target on shares of Devon Energy from $65.00 to $64.00 and set an “overweight” rating on the stock in a research note on Monday. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $59.72.

Devon Energy Stock Performance

Shares of NYSE DVN traded up $0.34 during midday trading on Friday, reaching $46.57. 8,216,890 shares of the company were exchanged, compared to its average volume of 12,843,288. Devon Energy has a 1 year low of $34.23 and a 1 year high of $52.71. 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 stock has a fifty day simple moving average of $48.30 and a 200 day simple moving average of $46.16. The stock has a market cap of $53.08 billion, a P/E ratio of 11.64, a PEG ratio of 1.01 and a beta of 0.43.

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

Insiders Place Their Bets

In other Devon Energy news, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction that occurred on 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 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Clay M. Gaspar acquired 3,913 shares of Devon Energy stock in a transaction that occurred on Monday, September 14th. The shares were purchased 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 directly owned 619,152 shares of the company’s stock, valued at $31,626,284.16. The trade was a 0.64% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 4.58% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Devon Energy

A number of large investors have recently bought and sold shares of the business. Financial Management Professionals Inc. lifted its stake in Devon Energy by 119.0% in the third quarter. Financial Management Professionals Inc. now owns 576 shares of the energy company’s stock valued at $27,000 after buying an additional 313 shares during the last quarter. Premier Financial Group bought a new position in shares of Devon Energy in the second quarter valued at approximately $25,000. JFS Wealth Advisors LLC boosted its stake in Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after purchasing an additional 245 shares in the last quarter. Parvin Asset Management LLC bought a new position in Devon Energy during the second quarter valued at about $28,000. Finally, KERR FINANCIAL PLANNING Corp acquired a new position in shares of Devon Energy in the 2nd quarter worth approximately $29,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Company Profile

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.