Devon Energy (DVN) Given a $51.00 Price Target at Cowen

Devon Energy (NYSE:DVN) has been assigned a $51.00 target price by investment analysts at Cowen in a report released on Thursday. The brokerage currently has a “buy” rating on the energy company’s stock. Cowen’s price target suggests a potential upside of 18.06% from the stock’s previous close.

Several other research firms have also recently issued reports on DVN. Piper Jaffray Companies restated a “hold” rating and set a $42.00 target price on shares of Devon Energy in a research note on Tuesday, January 9th. Stephens upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and set a $53.00 target price on the stock in a research note on Thursday, November 2nd. Morgan Stanley upped their target price on shares of Devon Energy from $42.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 18th. Scotiabank set a $50.00 target price on shares of Devon Energy and gave the company a “buy” rating in a research note on Saturday, November 25th. Finally, Royal Bank of Canada set a $47.00 target price on shares of Devon Energy and gave the company a “buy” rating in a research note on Wednesday, December 20th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and fifteen have issued a buy rating to the company. Devon Energy presently has an average rating of “Buy” and a consensus target price of $46.50.

Devon Energy (DVN) opened at $43.20 on Thursday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.63 and a current ratio of 1.63. The stock has a market cap of $22,700.00, a PE ratio of 14.69, a price-to-earnings-growth ratio of 2.52 and a beta of 2.21. Devon Energy has a one year low of $28.79 and a one year high of $47.82.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, October 31st. The energy company reported $0.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.07. The business had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.89 EPS. equities research analysts forecast that Devon Energy will post 1.79 earnings per share for the current fiscal year.

In other news, EVP Lyndon C. Taylor sold 12,798 shares of the company’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $38.29, for a total transaction of $490,035.42. Following the completion of the sale, the executive vice president now owns 67,900 shares of the company’s stock, valued at approximately $2,599,891. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.51% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Gabelli Funds LLC increased its holdings in Devon Energy by 3.2% in the 3rd quarter. Gabelli Funds LLC now owns 483,500 shares of the energy company’s stock worth $17,749,000 after acquiring an additional 15,000 shares in the last quarter. Ninepoint Partners LP purchased a new stake in Devon Energy in the 3rd quarter worth approximately $6,241,000. 3G Capital Partners LP purchased a new stake in Devon Energy in the 3rd quarter worth approximately $14,684,000. TVR Capital Management LP increased its holdings in Devon Energy by 121.8% in the 2nd quarter. TVR Capital Management LP now owns 240,000 shares of the energy company’s stock worth $7,673,000 after acquiring an additional 131,806 shares in the last quarter. Finally, BlueCrest Capital Management Ltd purchased a new stake in Devon Energy in the 2nd quarter worth approximately $1,397,000. 77.49% of the stock is owned by institutional investors.

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Devon Energy Company Profile

Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).

Analyst Recommendations for Devon Energy (NYSE:DVN)

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