Devon Energy (NYSE:DVN) Price Target Cut to $51.00 by Analysts at Raymond James

Devon Energy (NYSE:DVN - Free Report) had its price target reduced by Raymond James from $58.00 to $51.00 in a research note published on Tuesday.

DVN has been the topic of several other reports. JPMorgan Chase & Co. cut their target price on Devon Energy from $64.00 to $51.00 and set an "overweight" rating on the stock in a research note on Thursday, September 12th. Benchmark reiterated a "hold" rating on shares of Devon Energy in a research report on Tuesday, October 15th. StockNews.com downgraded Devon Energy from a "buy" rating to a "hold" rating in a report on Monday, September 2nd. TD Cowen cut their price target on shares of Devon Energy from $54.00 to $46.00 and set a "hold" rating on the stock in a report on Tuesday. Finally, Sanford C. Bernstein decreased their target price on Devon Energy from $48.00 to $43.00 and set a "market perform" rating for the company in a research report on Wednesday, July 17th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and an average target price of $52.15.

Devon Energy Price Performance

Shares of Devon Energy stock traded up $0.19 during trading on Tuesday, hitting $39.34. 12,251,494 shares of the stock traded hands, compared to its average volume of 7,353,959. The firm's fifty day moving average is $40.92 and its 200-day moving average is $45.15. The stock has a market cap of $24.63 billion, a price-to-earnings ratio of 7.13, a PEG ratio of 1.18 and a beta of 2.03. Devon Energy has a 52 week low of $37.76 and a 52 week high of $55.09. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion for the quarter, compared to analysts' expectations of $3.90 billion. During the same period last year, the firm earned $1.18 earnings per share. The company's revenue for the quarter was up 13.4% compared to the same quarter last year. Research analysts expect that Devon Energy will post 4.93 EPS for the current fiscal year.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Devon Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company's stock worth $3,836,615,000 after acquiring an additional 2,559,039 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Devon Energy by 4,125.7% in the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company's stock valued at $89,231,000 after acquiring an additional 2,226,983 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Devon Energy by 16.8% in the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company's stock valued at $469,901,000 after buying an additional 1,428,776 shares during the last quarter. Los Angeles Capital Management LLC lifted its position in Devon Energy by 7,165.6% during the 2nd quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company's stock worth $65,234,000 after acquiring an additional 1,357,311 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Devon Energy by 16.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company's stock valued at $416,779,000 after purchasing an additional 1,255,543 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other 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.