Analysts Set Devon Energy Co. (NYSE:DVN) Target Price at $49.45

Devon Energy Co. (NYSE:DVN) has been given a consensus rating of “Moderate Buy” by the twenty-two brokerages that are currently covering the firm, MarketBeat Ratings reports. Eight research analysts have rated the stock with a hold rating and fourteen have issued a buy rating on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $49.45.

DVN has been the topic of a number of research analyst reports. Mizuho lowered their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. TD Cowen lowered their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a report on Wednesday, January 15th. Benchmark raised Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a report on Tuesday, January 14th. Finally, Truist Financial lowered their target price on Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a report on Monday, January 13th.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently bought and sold shares of DVN. EnCap Energy Capital Fund XI L.P. acquired a new stake in Devon Energy during the 3rd quarter worth about $461,857,000. EnCap Partners GP LLC acquired a new stake in Devon Energy during the 3rd quarter worth about $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new stake in Devon Energy during the 3rd quarter worth about $230,928,000. Vanguard Group Inc. boosted its position in Devon Energy by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after acquiring an additional 5,465,692 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Devon Energy during the 4th quarter worth about $154,170,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of DVN opened at $33.95 on Friday. The firm has a market capitalization of $22.30 billion, a price-to-earnings ratio of 6.30, a price-to-earnings-growth ratio of 1.04 and a beta of 1.98. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. Devon Energy has a one year low of $30.39 and a one year high of $55.09. The stock’s fifty day moving average is $34.31 and its 200-day moving average is $38.75.

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.