Devon Energy (DVN) PT Set at $45.00 by Credit Suisse Group

Devon Energy (NYSE:DVN) has been given a $45.00 price target by Credit Suisse Group in a report released on Wednesday. The firm currently has a “buy” rating on the energy company’s stock. Credit Suisse Group’s price target would indicate a potential upside of 36.82% from the company’s current price.

Several other research analysts also recently weighed in on DVN. Susquehanna Bancshares cut their target price on shares of Devon Energy from $54.00 to $53.00 and set a “positive” rating for the company in a research note on Wednesday, August 1st. Barclays assumed coverage on shares of Devon Energy in a research note on Wednesday, August 29th. They issued an “overweight” rating and a $49.00 target price for the company. BMO Capital Markets reissued a “buy” rating and issued a $50.00 target price on shares of Devon Energy in a research note on Tuesday, August 7th. Zacks Investment Research downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, July 25th. Finally, Jefferies Financial Group set a $53.00 target price on shares of Devon Energy and gave the company a “buy” rating in a research note on Wednesday, July 18th. Six analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $49.96.

Shares of NYSE:DVN traded up $0.17 during midday trading on Wednesday, hitting $32.89. 382,078 shares of the stock were exchanged, compared to its average volume of 7,302,686. The company has a market capitalization of $16.75 billion, a PE ratio of 52.10, a price-to-earnings-growth ratio of 1.43 and a beta of 2.27. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.45. Devon Energy has a twelve month low of $29.83 and a twelve month high of $46.54.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 6th. The energy company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.21. The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.61 billion. Devon Energy had a return on equity of 5.85% and a net margin of 16.62%. The business’s revenue was up 33.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.46 EPS. As a group, equities analysts anticipate that Devon Energy will post 1.49 earnings per share for the current year.

In other Devon Energy news, Director Robert H. Henry sold 5,600 shares of Devon Energy stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $42.14, for a total value of $235,984.00. Following the completion of the sale, the director now owns 9,704 shares in the company, valued at approximately $408,926.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.55% of the stock is owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Jafra Capital Management LP purchased a new stake in Devon Energy in the 2nd quarter valued at about $3,297,000. FMR LLC grew its holdings in shares of Devon Energy by 11.1% during the 2nd quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock worth $517,962,000 after purchasing an additional 1,173,389 shares during the period. Swiss National Bank grew its holdings in shares of Devon Energy by 8.9% during the 2nd quarter. Swiss National Bank now owns 1,738,426 shares of the energy company’s stock worth $76,421,000 after purchasing an additional 142,600 shares during the period. Global X Management Co LLC grew its holdings in shares of Devon Energy by 18.9% during the 2nd quarter. Global X Management Co LLC now owns 14,142 shares of the energy company’s stock worth $622,000 after purchasing an additional 2,244 shares during the period. Finally, Gabelli Funds LLC grew its holdings in shares of Devon Energy by 3.3% during the 2nd quarter. Gabelli Funds LLC now owns 489,800 shares of the energy company’s stock worth $21,532,000 after purchasing an additional 15,500 shares during the period. Institutional investors own 83.77% of the company’s stock.

About Devon Energy

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.

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Analyst Recommendations for Devon Energy (NYSE:DVN)

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