The Goldman Sachs Group Boosts Devon Energy (NYSE:DVN) Price Target to $43.00

Devon Energy (NYSE:DVN) had its price objective boosted by analysts at The Goldman Sachs Group from $38.00 to $43.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the energy company’s stock. The Goldman Sachs Group’s price objective indicates a potential upside of 29.30% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Citigroup dropped their target price on Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a research note on Friday, April 4th. Royal Bank of Canada lowered their target price on shares of Devon Energy from $49.00 to $40.00 and set a “sector perform” rating for the company in a report on Monday, April 14th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Thursday. UBS Group lowered their price objective on shares of Devon Energy from $41.00 to $35.00 and set a “neutral” rating for the company in a research note on Monday, April 7th. Finally, Williams Trading set a $50.00 target price on shares of Devon Energy in a research report on Wednesday, March 5th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.83.

Devon Energy Price Performance

Devon Energy stock opened at $33.26 on Thursday. The stock has a market capitalization of $21.35 billion, a P/E ratio of 7.29, a P/E/G ratio of 1.20 and a beta of 1.00. Devon Energy has a 12-month low of $25.89 and a 12-month high of $50.24. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The firm’s 50-day moving average is $32.50 and its two-hundred day moving average is $34.57.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). The firm had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm’s revenue was up 23.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.16 EPS. Equities analysts predict that Devon Energy will post 4.85 earnings per share for the current year.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently bought and sold shares of DVN. Redwood Wealth Management Group LLC raised its position in shares of Devon Energy by 3.9% in the fourth quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock valued at $266,000 after purchasing an additional 309 shares during the period. SVB Wealth LLC grew its position in shares of Devon Energy by 4.1% in the first quarter. SVB Wealth LLC now owns 8,131 shares of the energy company’s stock valued at $304,000 after purchasing an additional 321 shares during the last quarter. Cornerstone Wealth Management LLC lifted its position in shares of Devon Energy by 1.6% during the 4th quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock worth $695,000 after purchasing an additional 326 shares during the last quarter. Annex Advisory Services LLC boosted its stake in Devon Energy by 1.2% during the 4th quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company’s stock valued at $884,000 after purchasing an additional 327 shares during the period. Finally, Independence Bank of Kentucky grew its holdings in Devon Energy by 7.8% in the 4th quarter. Independence Bank of Kentucky now owns 4,580 shares of the energy company’s stock valued at $150,000 after buying an additional 330 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.