Truist Financial Issues Pessimistic Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price target lowered by stock analysts at Truist Financial from $43.00 to $42.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “hold” rating on the energy company’s stock. Truist Financial’s price objective indicates a potential upside of 12.84% from the company’s current price.

A number of other equities research analysts have also weighed in on the company. Citigroup dropped their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Raymond James dropped their price target on Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Wells Fargo & Company dropped their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Barclays dropped their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Finally, Evercore ISI dropped their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. Ten equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus target price of $49.18.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $37.22 on Monday. The company has a market capitalization of $24.45 billion, a PE ratio of 6.91, a P/E/G ratio of 1.07 and a beta of 2.00. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The company has a 50-day simple moving average of $35.58 and a two-hundred day simple moving average of $40.49. Devon Energy has a one year low of $30.39 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the firm earned $1.65 earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. Research analysts expect that Devon Energy will post 4.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Paragon Capital Management Ltd raised its stake in shares of Devon Energy by 2.7% during the 4th quarter. Paragon Capital Management Ltd now owns 15,439 shares of the energy company’s stock worth $505,000 after buying an additional 400 shares during the period. Stolper Co raised its stake in shares of Devon Energy by 2.3% during the 4th quarter. Stolper Co now owns 134,255 shares of the energy company’s stock worth $4,394,000 after buying an additional 3,029 shares during the period. Cliftonlarsonallen Wealth Advisors LLC raised its stake in shares of Devon Energy by 0.6% during the 4th quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 98,546 shares of the energy company’s stock worth $3,225,000 after buying an additional 572 shares during the period. Smith Anglin Financial LLC acquired a new position in shares of Devon Energy during the 4th quarter worth approximately $228,000. Finally, Foundation Resource Management Inc. raised its stake in shares of Devon Energy by 2.3% during the 4th quarter. Foundation Resource Management Inc. now owns 87,739 shares of the energy company’s stock worth $2,872,000 after buying an additional 1,957 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

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.