Piper Sandler Adjusts Price Target for Devon Energy

Piper Sandler, an investment research firm, has lowered its price target for Devon Energy (NYSE:DVN) from $57.00 to $53.00. This downgrade was announced in a report published on Tuesday. Despite the reduction in price target, Piper Sandler continues to maintain an "overweight" rating on the company's stock, indicating that they believe the stock will perform better than the market. The new price target suggests a potential upside of approximately 66.04% based on Devon Energy's last closing price.

In addition to Piper Sandler's adjustment, Devon Energy has seen various research firms issue updated reports regarding its stock. UBS Group recently lowered their price target from $53.00 to $47.00, changing their rating to "neutral" on September 18. Susquehanna also made adjustments, cutting their expectation from $63.00 to $62.00 while maintaining a "positive" rating. On September 16, Morgan Stanley reduced their target price from $55.00 to $51.00, yet upheld an "overweight" rating as well. StockNews.com upgraded Devon Energy from a "sell" to a "hold" rating the following month. Furthermore, Raymond James decreased their price target from $58.00 to $51.00 on November 5.

Analysts' Ratings Overview

A total of twelve analysts have rated Devon Energy with a hold position, while eleven analysts have assigned a buy rating. As per data from MarketBeat, the stock currently holds an average rating of "Hold" with a consensus price target of $50.05.

Devon Energy's Stock Performance

As of Tuesday's trading, Devon Energy's shares declined by $0.67, resulting in a trading price of $31.92. The stock's trading volume on that day was about 6,599,580 shares, which is slightly below the average volume of 7,584,661 shares. The company has experienced a fifty-two week range, with a low of $31.85 and a high of $55.09, indicating significant volatility in its stock price. Currently, Devon Energy has a market capitalization of approximately $20.97 billion, a price-to-earnings ratio of 5.92, and a PEG ratio of 1.10.

Additionally, the company demonstrated strong financial performance in its most recent earnings report released on November 5. Devon Energy reported earnings per share (EPS) of $1.10, which exceeded the consensus estimate of $1.09 by a slight margin. The company's revenue for the quarter was $4.02 billion, surpassing analysts' expectations of $3.72 billion. Compared to the same quarter last year, Devon's revenue increased by 4.9%.

Institutional Investments

Institutional investors have shown interest in Devon Energy as well. For instance, 1620 Investment Advisors Inc. established a new position valued at approximately $34,000 in the second quarter. Additionally, Capital Performance Advisors LLP purchased shares valued at around $35,000 in the third quarter. PSI Advisors LLC significantly increased its holdings by 66.7%, now owning 750 shares valued at $36,000.

About Devon Energy Corporation

Devon Energy Corporation is a prominent independent energy company that focuses on the exploration, development, and production of oil, natural gas, and natural gas liquids within the United States. The company's operations are primarily located in the Delaware, Eagle Ford, Anadarko, Williston, and Powder River basins. Founded in 1971 and headquartered in Oklahoma City, Oklahoma, Devon Energy has established itself as a key player in the energy sector.

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