Devon Energy (DVN) Given a $36.00 Price Target at Credit Suisse Group

Devon Energy (NYSE:DVN) received a $36.00 price objective from equities research analysts at Credit Suisse Group in a research report issued on Wednesday. The brokerage presently has a “buy” rating on the energy company’s stock. Credit Suisse Group’s price target points to a potential upside of 18.93% from the company’s previous close.

A number of other equities analysts have also recently commented on the stock. Ifs Securities reiterated a “market perform” rating on shares of Devon Energy in a research report on Monday, February 11th. Zacks Investment Research upgraded shares of Devon Energy from a “strong sell” rating to a “hold” rating in a research report on Monday, February 4th. Morgan Stanley set a $33.00 target price on shares of Devon Energy and gave the stock a “hold” rating in a research report on Tuesday, January 29th. Barclays cut shares of Devon Energy from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $42.00 to $33.00 in a research report on Wednesday, January 16th. Finally, Johnson Rice lowered shares of Devon Energy from a “buy” rating to an “accumulate” rating in a report on Tuesday, January 8th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and sixteen have assigned a buy rating to the stock. Devon Energy has a consensus rating of “Hold” and an average price target of $45.95.

NYSE:DVN traded up $1.96 during trading hours on Wednesday, reaching $30.27. The company’s stock had a trading volume of 34,745,273 shares, compared to its average volume of 8,211,611. The stock has a market cap of $13.25 billion, a PE ratio of 48.05, a PEG ratio of 1.70 and a beta of 2.23. Devon Energy has a 1 year low of $20.37 and a 1 year high of $46.54. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.65.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 19th. The energy company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.21). The business had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Devon Energy had a return on equity of 6.40% and a net margin of 16.62%. During the same quarter in the previous year, the business earned $0.38 EPS. Sell-side analysts anticipate that Devon Energy will post 1.53 EPS for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC boosted its stake 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 valued at $517,962,000 after purchasing an additional 1,173,389 shares in the last quarter. Diamond Hill Capital Management Inc. boosted its stake in Devon Energy by 2.6% during the third quarter. Diamond Hill Capital Management Inc. now owns 9,437,292 shares of the energy company’s stock worth $376,925,000 after acquiring an additional 235,596 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Devon Energy by 9.5% during the fourth quarter. Victory Capital Management Inc. now owns 7,424,556 shares of the energy company’s stock worth $167,350,000 after acquiring an additional 644,373 shares in the last quarter. Geode Capital Management LLC boosted its stake in Devon Energy by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 6,558,033 shares of the energy company’s stock worth $147,570,000 after acquiring an additional 242,508 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in Devon Energy by 2.5% during the third quarter. American Century Companies Inc. now owns 5,069,461 shares of the energy company’s stock worth $202,474,000 after acquiring an additional 125,639 shares in the last quarter. 80.51% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Company Profile

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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