Devon Energy (NYSE:DVN) Given New $38.00 Price Target at Barclays

Devon Energy (NYSE:DVN - Get Free Report) had its target price dropped by investment analysts at Barclays from $44.00 to $38.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the energy company's stock. Barclays's price target would indicate a potential upside of 21.31% from the company's previous close.

A number of other research firms also recently weighed in on DVN. Wells Fargo & Company cut their price target on Devon Energy from $46.00 to $44.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. JPMorgan Chase & Co. cut their target price on Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Scotiabank decreased their target price on Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating for the company in a research report on Friday, April 11th. Morgan Stanley set a $47.00 price target on shares of Devon Energy and gave the company an "overweight" rating in a research report on Wednesday, March 26th. Finally, Truist Financial lifted their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the stock a "hold" rating in a research note on Thursday, February 20th. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $44.83.

Devon Energy Trading Down 0.5 %

Devon Energy stock traded down $0.15 during mid-day trading on Wednesday, hitting $31.33. The stock had a trading volume of 2,784,531 shares, compared to its average volume of 8,491,399. The stock has a 50-day simple moving average of $33.63 and a two-hundred day simple moving average of $35.53. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $20.33 billion, a PE ratio of 6.87, a P/E/G ratio of 1.20 and a beta of 1.50. Devon Energy has a 12 month low of $25.89 and a 12 month high of $53.20.

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

Institutional Investors Weigh In On Devon Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in DVN. Hurley Capital LLC bought a new stake in Devon Energy during the fourth quarter worth about $26,000. Rakuten Securities Inc. increased its position in shares of Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after purchasing an additional 405 shares during the last quarter. Accredited Wealth Management LLC acquired a new position in shares of Devon Energy during the 4th quarter worth approximately $28,000. Cromwell Holdings LLC raised its stake in shares of Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock worth $40,000 after purchasing an additional 598 shares in the last quarter. Finally, Salem Investment Counselors Inc. boosted its holdings in shares of Devon Energy by 46.7% in the 1st quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company's stock valued at $47,000 after buying an additional 400 shares during the last quarter. 69.72% of the stock is owned by 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.