Barclays Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN - Get Free Report) had its target price lifted by analysts at Barclays from $43.00 to $44.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "equal weight" rating on the energy company's stock. Barclays's price target would indicate a potential upside of 17.38% from the company's previous close.

DVN has been the subject of several other reports. Citigroup reduced their price objective on Devon Energy from $55.00 to $48.00 and set a "buy" rating for the company in a research note on Tuesday, November 26th. TD Cowen reduced their price objective on Devon Energy from $54.00 to $46.00 and set a "hold" rating for the company in a research note on Tuesday, November 5th. Cowen downgraded Devon Energy to a "hold" rating and reduced their price objective for the company from $46.00 to $45.00 in a research note on Tuesday. Raymond James increased their price objective on Devon Energy from $53.00 to $54.00 and gave the company an "outperform" rating in a research note on Thursday, January 23rd. Finally, Sanford C. Bernstein raised Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 target price for the company in a research note on Wednesday, January 15th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Devon Energy has a consensus rating of "Moderate Buy" and an average target price of $48.83.

Devon Energy Price Performance

Shares of DVN stock traded down $1.07 during trading hours on Thursday, hitting $37.49. 11,529,242 shares of the company's stock were exchanged, compared to its average volume of 8,567,562. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The firm has a market cap of $24.33 billion, a P/E ratio of 8.22, a P/E/G ratio of 1.20 and a beta of 1.98. The firm has a 50 day moving average of $34.47 and a two-hundred day moving average of $38.37. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Sell-side analysts forecast that Devon Energy will post 4.85 EPS for the current year.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Devon Energy by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company's stock worth $2,640,727,000 after purchasing an additional 5,465,692 shares during the period. Geode Capital Management LLC boosted its holdings in Devon Energy by 6.5% during the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company's stock valued at $552,830,000 after acquiring an additional 1,038,305 shares during the period. EnCap Energy Capital Fund XI L.P. purchased a new position in Devon Energy during the 3rd quarter valued at about $461,857,000. Pacer Advisors Inc. boosted its holdings in Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company's stock valued at $453,446,000 after acquiring an additional 1,677,652 shares during the period. Finally, EnCap Partners GP LLC purchased a new position in Devon Energy during the 3rd quarter valued at about $408,653,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

About Devon Energy

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.