Piper Sandler Raises Devon Energy (NYSE:DVN) Price Target to $54.00

Devon Energy (NYSE:DVN) had its price target lifted by stock analysts at Piper Sandler from $53.00 to $54.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the energy company’s stock. Piper Sandler’s price objective points to a potential upside of 54.09% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. Jefferies Financial Group assumed coverage on shares of Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price target for the company. Raymond James upped their target price on Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. BMO Capital Markets cut their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Barclays dropped their price objective on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price for the company. in a report on Thursday, December 5th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.45.

Devon Energy Stock Performance

Devon Energy stock opened at $35.04 on Wednesday. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The company has a market capitalization of $23.02 billion, a PE ratio of 6.50, a P/E/G ratio of 1.21 and a beta of 2.00. The company has a 50 day moving average price of $35.00 and a 200-day moving average price of $39.64. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.65 EPS. As a group, equities analysts forecast that Devon Energy will post 4.7 earnings per share for the current year.

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Devon Energy during the third quarter worth about $461,857,000. EnCap Partners GP LLC purchased a new stake in Devon Energy during the 3rd quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in shares of Devon Energy during the third quarter valued at approximately $230,928,000. International Assets Investment Management LLC lifted its position in shares of Devon Energy by 4,125.7% in the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after acquiring an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its stake in shares of Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after acquiring an additional 1,677,652 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.