Devon Energy (NYSE:DVN) Given New $46.00 Price Target at Citigroup

Devon Energy (NYSE:DVN - Get Free Report) had its price objective decreased by Citigroup from $48.00 to $46.00 in a research note issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the energy company's stock. Citigroup's price target would suggest a potential upside of 27.48% from the company's current price.

Several other equities research analysts have also recently issued reports on DVN. Royal Bank of Canada reiterated a "sector perform" rating and issued a $50.00 price target on shares of Devon Energy in a research note on Friday, January 10th. Piper Sandler increased their price objective on Devon Energy from $54.00 to $55.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Truist Financial increased 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. Cowen downgraded Devon Energy to a "hold" rating and decreased their price target for the stock from $46.00 to $45.00 in a report on Tuesday, February 18th. Finally, Benchmark reissued a "buy" rating and set a $44.00 target price on shares of Devon Energy in a research report on Thursday, February 20th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $48.46.

Remove Ads

Devon Energy Stock Performance

NYSE DVN traded down $0.05 during trading on Monday, reaching $36.08. 1,672,835 shares of the company's stock were exchanged, compared to its average volume of 7,800,114. The business has a 50 day moving average price of $35.46 and a 200-day moving average price of $37.12. The stock has a market capitalization of $23.42 billion, a P/E ratio of 7.91, a PEG ratio of 1.20 and a beta of 1.91. 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 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 earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Sell-side analysts forecast that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Institutional Trading of Devon Energy

Hedge funds have recently added to or reduced their stakes in the business. Hurley Capital LLC purchased a new position in shares of Devon Energy in the fourth quarter valued at about $26,000. Accredited Wealth Management LLC purchased a new position in shares of Devon Energy in the fourth quarter valued at about $28,000. Cromwell Holdings LLC increased its position in shares of Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock valued at $40,000 after buying an additional 598 shares during the period. Sierra Ocean LLC purchased a new position in shares of Devon Energy during the fourth quarter valued at about $43,000. Finally, True Wealth Design LLC increased its position in shares of Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company's stock valued at $44,000 after buying an additional 1,089 shares during the period. 69.72% of the stock is 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.