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

Devon Energy (NYSE:DVN) had its price target dropped by Wells Fargo & Company from $46.00 to $44.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the energy company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 54.06% from the company’s previous close.

A number of other research analysts have also recently issued reports on DVN. JPMorgan Chase & Co. decreased their price target on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Morgan Stanley set a $47.00 price target on Devon Energy and gave the company an “overweight” rating in a research note on Wednesday, March 26th. Truist Financial raised their target price on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. Piper Sandler lifted their price target on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Finally, Mizuho cut their price objective on Devon Energy from $49.00 to $46.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $47.13.

Devon Energy Trading Up 1.2 %

DVN traded up $0.33 during trading on Monday, reaching $28.56. The company had a trading volume of 763,518 shares, compared to its average volume of 8,357,324. Devon Energy has a 52 week low of $25.89 and a 52 week high of $54.04. The stock has a market cap of $18.54 billion, a P/E ratio of 6.27, a PEG ratio of 1.20 and a beta of 1.50. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The business has a 50 day simple moving average of $34.38 and a 200-day simple moving average of $36.13.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. On average, equities analysts anticipate that Devon Energy will post 4.85 EPS for the current fiscal year.

Institutional Trading of Devon Energy

Several institutional investors have recently added to or reduced their stakes in the business. Hurley Capital LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at $26,000. Accredited Wealth Management LLC bought a new position in Devon Energy in the 4th quarter worth approximately $28,000. Cromwell Holdings LLC raised its position in shares of Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after acquiring an additional 598 shares during the last quarter. Sierra Ocean LLC acquired a new stake in Devon Energy in the fourth quarter worth about $43,000. Finally, Endeavor Private Wealth Inc. acquired a new position in Devon Energy during the 4th quarter valued at about $52,000. Institutional investors own 69.72% of the company’s stock.

About Devon Energy

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.