Piper Sandler Increases Devon Energy (NYSE:DVN) Price Target to $60.00

Devon Energy (NYSE:DVN) had its target price increased by Piper Sandler from $59.00 to $60.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the energy company’s stock. Piper Sandler’s price objective would indicate a potential upside of 15.72% from the company’s previous close.

Several other equities analysts have also recently issued reports on DVN. UBS Group lifted their price objective on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price objective on shares of Devon Energy in a research report on Thursday, March 7th. Raymond James lowered their target price on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Finally, Stifel Nicolaus cut their price target on Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.94.

Devon Energy Price Performance

Shares of DVN traded up $0.42 during mid-day trading on Friday, hitting $51.85. The company’s stock had a trading volume of 3,269,285 shares, compared to its average volume of 7,979,441. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. Devon Energy has a 1-year low of $40.47 and a 1-year high of $55.09. The firm has a market capitalization of $32.92 billion, a P/E ratio of 8.89 and a beta of 2.19. The firm has a 50-day simple moving average of $47.69 and a 200 day simple moving average of $45.86.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. Devon Energy’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.66 earnings per share. Analysts predict that Devon Energy will post 5.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently made changes to their positions in DVN. IVC Wealth Advisors LLC grew its stake in Devon Energy by 11.5% during the first quarter. IVC Wealth Advisors LLC now owns 14,574 shares of the energy company’s stock worth $731,000 after buying an additional 1,499 shares during the period. State of Alaska Department of Revenue boosted its position in Devon Energy by 0.5% during the 1st quarter. State of Alaska Department of Revenue now owns 69,520 shares of the energy company’s stock worth $3,488,000 after purchasing an additional 330 shares during the period. Tradewinds Capital Management LLC acquired a new stake in Devon Energy in the 1st quarter valued at $30,000. SeaCrest Wealth Management LLC increased its holdings in Devon Energy by 38.0% in the 1st quarter. SeaCrest Wealth Management LLC now owns 33,088 shares of the energy company’s stock valued at $1,660,000 after purchasing an additional 9,112 shares in the last quarter. Finally, Bridgewealth Advisory Group LLC purchased a new position in Devon Energy in the first quarter valued at about $210,000. Institutional investors and hedge funds 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.