Devon Energy (NYSE:DVN) Given New $57.00 Price Target at Piper Sandler

Devon Energy (NYSE:DVN - Get Free Report) had its price target hoisted by investment analysts at Piper Sandler from $56.00 to $57.00 in a research note issued on Monday,Benzinga reports. The firm currently has an "overweight" rating on the energy company's stock. Piper Sandler's price target would suggest a potential upside of 47.02% from the company's previous close.

Other research analysts also recently issued reports about the company. Jefferies Financial Group assumed coverage on Devon Energy in a research note on Thursday, October 3rd. They issued a "hold" rating and a $45.00 price target for the company. Wells Fargo & Company cut their target price on shares of Devon Energy from $50.00 to $49.00 and set an "overweight" rating for the company in a research note on Thursday, November 7th. TD Cowen decreased their price target on shares of Devon Energy from $54.00 to $46.00 and set a "hold" rating on the stock in a research note on Tuesday, November 5th. Raymond James cut their price objective on Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Finally, StockNews.com downgraded Devon Energy from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Devon Energy currently has an average rating of "Hold" and a consensus price target of $51.85.

Devon Energy Price Performance

NYSE:DVN traded up $0.30 during trading hours on Monday, hitting $38.77. 6,565,854 shares of the stock traded hands, compared to its average volume of 7,428,253. The stock has a 50 day moving average price of $40.04 and a 200 day moving average price of $44.24. 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 company has a market cap of $25.47 billion, a price-to-earnings ratio of 7.19, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03. Devon Energy has a 1 year low of $37.76 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion for the quarter, compared to analysts' expectations of $3.72 billion. Devon Energy's revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.65 EPS. Sell-side analysts forecast that Devon Energy will post 4.84 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

Hedge funds have recently bought and sold shares of the business. Triad Wealth Partners LLC bought a new position in shares of Devon Energy in the second quarter worth about $27,000. 1620 Investment Advisors Inc. bought a new position in Devon Energy in the 2nd quarter worth about $34,000. Capital Performance Advisors LLP purchased a new position in shares of Devon Energy during the third quarter worth approximately $35,000. PSI Advisors LLC raised its stake in shares of Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company's stock valued at $36,000 after acquiring an additional 300 shares in the last quarter. Finally, LRI Investments LLC bought a new position in Devon Energy in the first quarter worth approximately $39,000. Institutional investors own 69.72% of the company's stock.

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.