Wells Fargo & Company Issues Pessimistic Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its target price decreased by analysts at Wells Fargo & Company from $50.00 to $49.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the energy company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 24.94% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Jefferies Financial Group initiated coverage on shares of Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price for the company. Truist Financial cut shares of Devon Energy from a “buy” rating to a “hold” rating and lowered their price objective for the company from $49.00 to $43.00 in a research note on Thursday. BMO Capital Markets cut their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Barclays lowered their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Finally, Mizuho cut their price objective on Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. Eleven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.80.

Devon Energy Price Performance

Shares of NYSE DVN traded down $0.80 during trading on Thursday, reaching $39.22. The company had a trading volume of 1,857,455 shares, compared to its average volume of 7,376,954. The stock has a 50-day moving average price of $40.72 and a two-hundred day moving average price of $45.03. Devon Energy has a twelve month low of $37.76 and a twelve month high of $55.09. The stock has a market capitalization of $24.56 billion, a PE ratio of 7.12, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the company earned $1.65 EPS. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, sell-side analysts predict that Devon Energy will post 4.93 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. GSA Capital Partners LLP boosted its holdings in Devon Energy by 89.4% in the first quarter. GSA Capital Partners LLP now owns 18,351 shares of the energy company’s stock worth $921,000 after purchasing an additional 8,661 shares during the period. Manchester Capital Management LLC boosted its holdings in shares of Devon Energy by 40.9% in the 1st quarter. Manchester Capital Management LLC now owns 861 shares of the energy company’s stock valued at $43,000 after buying an additional 250 shares during the period. Empirical Finance LLC boosted its holdings in shares of Devon Energy by 2.9% in the 1st quarter. Empirical Finance LLC now owns 29,903 shares of the energy company’s stock valued at $1,501,000 after buying an additional 848 shares during the period. Cove Street Capital LLC grew its position in shares of Devon Energy by 103.1% during the 1st quarter. Cove Street Capital LLC now owns 55,516 shares of the energy company’s stock valued at $2,786,000 after buying an additional 28,182 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Devon Energy during the 1st quarter valued at about $27,418,000. Institutional investors 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.