Piper Sandler Has Lowered Expectations for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN - Get Free Report) had its price objective dropped by Piper Sandler from $57.00 to $53.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the energy company's stock. Piper Sandler's target price would indicate a potential upside of 64.80% from the company's current price.

Several other equities analysts have also recently weighed in on DVN. TD Cowen lowered their target price on Devon Energy from $54.00 to $46.00 and set a "hold" rating on the stock in a research note on Tuesday, November 5th. Barclays decreased their target price on shares of Devon Energy from $55.00 to $46.00 and set an "equal weight" rating for the company in a research note on Thursday, October 3rd. Evercore ISI cut their price objective on Devon Energy from $55.00 to $50.00 and set an "in-line" rating for the company in a report on Monday, September 30th. Truist Financial lowered Devon Energy from a "buy" rating to a "hold" rating and dropped their target price for the stock from $49.00 to $43.00 in a research report on Thursday, November 7th. Finally, StockNews.com raised Devon Energy from a "sell" rating to a "hold" rating in a research note on Monday. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $50.05.

Devon Energy Trading Down 1.3 %

NYSE DVN traded down $0.43 on Tuesday, hitting $32.16. 14,445,646 shares of the company were exchanged, compared to its average volume of 7,617,477. Devon Energy has a twelve month low of $31.85 and a twelve month high of $55.09. The company's 50 day moving average price is $38.54 and its 200-day moving average price is $42.43. The firm has a market capitalization of $21.13 billion, a P/E ratio of 5.97, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to analysts' expectations of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company's quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.65 EPS. Analysts predict that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

Institutional investors have recently modified their holdings of the stock. William B. Walkup & Associates Inc. acquired a new position in Devon Energy during the second quarter valued at approximately $1,026,000. Legacy Investment Solutions LLC acquired a new position in shares of Devon Energy in the 3rd quarter valued at $8,002,000. Bridgewater Associates LP bought a new stake in shares of Devon Energy in the 3rd quarter valued at $9,426,000. Petrus Trust Company LTA raised its stake in Devon Energy by 394.7% during the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company's stock worth $854,000 after buying an additional 17,415 shares during the period. Finally, CIBC Asset Management Inc lifted its holdings in Devon Energy by 6.3% during the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company's stock worth $4,193,000 after acquiring an additional 6,358 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.