Devon Energy (NYSE:DVN) Price Target Cut to $47.00 by Analysts at Mizuho

Devon Energy (NYSE:DVN) had its price objective cut by stock analysts at Mizuho from $51.00 to $47.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the energy company’s stock. Mizuho’s price objective would indicate a potential upside of 46.14% from the company’s current price.

Several other equities analysts have also commented on DVN. Piper Sandler boosted their price target on Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Truist Financial cut shares of Devon Energy from a “buy” rating to a “hold” rating and reduced their target price for the stock from $49.00 to $43.00 in a research report on Thursday, November 7th. Evercore ISI lowered their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. Susquehanna decreased their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Finally, JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research report on Thursday, December 5th. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Devon Energy currently has an average rating of “Hold” and an average target price of $50.05.

Devon Energy Price Performance

Devon Energy stock opened at $32.16 on Monday. The firm has a fifty day moving average of $38.35 and a 200-day moving average of $42.32. Devon Energy has a 52-week low of $31.85 and a 52-week high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $21.13 billion, a P/E ratio of 5.97, a PEG ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.65 EPS. As a group, analysts predict that Devon Energy will post 4.79 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Envestnet Portfolio Solutions Inc. increased its stake in shares of Devon Energy by 5.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 6,018 shares of the energy company’s stock valued at $285,000 after purchasing an additional 335 shares during the period. Western Wealth Management LLC raised its stake in Devon Energy by 4.3% during the 2nd quarter. Western Wealth Management LLC now owns 8,976 shares of the energy company’s stock valued at $425,000 after acquiring an additional 368 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in Devon Energy by 59.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 90,101 shares of the energy company’s stock worth $4,271,000 after acquiring an additional 33,515 shares during the period. Apollon Wealth Management LLC grew its stake in shares of Devon Energy by 12.2% in the second quarter. Apollon Wealth Management LLC now owns 39,562 shares of the energy company’s stock worth $1,875,000 after purchasing an additional 4,302 shares in the last quarter. Finally, Fifth Third Bancorp increased its holdings in shares of Devon Energy by 1.4% during the second quarter. Fifth Third Bancorp now owns 22,255 shares of the energy company’s stock valued at $1,055,000 after purchasing an additional 299 shares during the period. 69.72% of the stock is currently owned by 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.