Wells Fargo & Company Cuts Devon Energy (NYSE:DVN) Price Target to $44.00

Devon Energy (NYSE:DVN - Get Free Report) had its target price lowered by Wells Fargo & Company from $46.00 to $44.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the energy company's stock. Wells Fargo & Company's price objective points to a potential upside of 45.26% from the stock's previous close.

Several other equities analysts have also commented on DVN. Williams Trading set a $50.00 price target on Devon Energy in a research note on Wednesday, March 5th. Royal Bank of Canada restated a "sector perform" rating and set a $50.00 price target on shares of Devon Energy in a research note on Friday, January 10th. Truist Financial boosted their price objective on Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a report on Thursday, February 20th. Susquehanna boosted their price target on shares of Devon Energy from $50.00 to $52.00 and gave the stock a "positive" rating in a research note on Thursday, February 20th. Finally, Wolfe Research raised shares of Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 price objective for the company in a research note on Friday, January 3rd. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $46.71.

Devon Energy Price Performance

Shares of NYSE:DVN traded up $0.99 during midday trading on Monday, hitting $30.29. The company had a trading volume of 10,348,261 shares, compared to its average volume of 8,443,262. The business's 50-day simple moving average is $34.01 and its 200-day simple moving average is $35.90. The stock has a market cap of $19.66 billion, a price-to-earnings ratio of 6.64, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. Devon Energy has a twelve month low of $25.89 and a twelve month high of $53.20.

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of DVN. Rakuten Securities Inc. grew its position in Devon Energy by 94.6% in the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after buying an additional 405 shares during the last quarter. Inscription Capital LLC purchased a new stake in shares of Devon Energy in the first quarter valued at about $365,000. Stephens Consulting LLC purchased a new position in Devon Energy during the first quarter worth about $112,000. Boothe Investment Group Inc. lifted its position in Devon Energy by 3.2% in the first quarter. Boothe Investment Group Inc. now owns 168,027 shares of the energy company's stock valued at $6,284,000 after purchasing an additional 5,169 shares during the period. Finally, QRG Capital Management Inc. boosted its holdings in Devon Energy by 54.9% in the 1st quarter. QRG Capital Management Inc. now owns 142,626 shares of the energy company's stock valued at $5,334,000 after purchasing an additional 50,528 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

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.