Devon Energy (NYSE:DVN) Given New $55.00 Price Target at Wells Fargo & Company

Devon Energy (NYSE:DVN) had its price objective cut by equities research analysts at Wells Fargo & Company from $57.00 to $55.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the energy company’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 23.21% from the stock’s previous close.

A number of other research analysts also recently commented on the stock. Wolfe Research assumed coverage on shares of Devon Energy in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Scotiabank decreased their price target on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Sanford C. Bernstein cut their price objective on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. StockNews.com upgraded Devon Energy from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. Finally, Bank of America reiterated a “buy” rating and issued a $64.00 price target on shares of Devon Energy in a report on Friday, June 14th. Five investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $59.00.

Devon Energy Stock Performance

NYSE:DVN opened at $44.64 on Wednesday. Devon Energy has a 1-year low of $40.47 and a 1-year high of $55.09. The stock has a market cap of $28.21 billion, a P/E ratio of 8.52, a PEG ratio of 0.75 and a beta of 2.07. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The firm has a 50-day moving average of $46.27 and a two-hundred day moving average of $47.36.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same quarter last year, the firm earned $1.18 EPS. Devon Energy’s quarterly revenue was up 13.4% on a year-over-year basis. On average, research analysts expect that Devon Energy will post 5.4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. NewEdge Wealth LLC bought a new stake in shares of Devon Energy during the 4th quarter worth about $331,000. Louisiana State Employees Retirement System bought a new stake in Devon Energy during the fourth quarter worth approximately $1,753,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Devon Energy by 6.9% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,825,364 shares of the energy company’s stock worth $82,689,000 after purchasing an additional 118,346 shares during the period. Waldron Private Wealth LLC bought a new position in Devon Energy during the 4th quarter valued at $207,000. Finally, Avior Wealth Management LLC increased its position in shares of Devon Energy by 50.5% during the 4th quarter. Avior Wealth Management LLC now owns 6,629 shares of the energy company’s stock valued at $300,000 after purchasing an additional 2,223 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.