Devon Energy Corporation (NYSE:DVN) Has Just Had Its Target Price per Share Downgraded by Analysts at Jefferies & Co to $55.00

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Analysis: Devon Energy Corporation (NYSE:DVN) Stock Target Raised Today

In a comprehensive report released by Jefferies & Co on 2 December, the firm, Devon Energy Corporation (NYSE:DVN), had their price target lowered to $55.00. Analusts currently have a solid Buy rating on the stock.

From a total of 30 analysts covering Devon Energy Corporation (NYSE:DVN) stock, 24 rate it a ”Buy”, 1 a “Sell”, and 9 a ”Hold”. This means that 71% of the ratings are positive. The highest target price is $72 while the lowest target price is $43. The mean of all analyst targets is $58.57 with a 36.97% above today’s ($45.6) stock price. Devon Energy Corporation was the topic of 18 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Guggenheim upgraded shares on November 12 to “Buy” rating. Howard Weil downgraded shares to “Sector Outperform” rating and $80 target share price in a report from an August 14. Bernstein upgraded DVN stock in a recent report from October 1 to “Outperform” rating. Finally, Citigroup maintained the stock with “Buy” rating in a report issued on a September 14.

Approximately 619,681 shares of stock traded hands. Devon Energy Corp (NYSE:DVN) has declined 32.57% since April 29, 2015 and is downtrending. It has underperformed by 32.37% the S&P500.

Devon Energy Corporation is an independent energy firm engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The company has a market cap of $18.75 billion. The Company’s activities are concentrated in various North American onshore areas in the United States and Canada. It currently has negative earnings. Devon has approximately 689 Million Barrels of Oil Equivalent (MMBoe) of proved undeveloped reserves.

According to Zacks Investment Research, “Devon Energy is a leading independent energy company engaged in finding and producing oil and natural gas. Based in Oklahoma City and included in the S&P 500, Devon operates in several of the most prolific oil and natural gas plays in the U.S. and Canada with an emphasis on a balanced portfolio. The Company is the second-largest oil producer among North American onshore independents.” Get a free copy of the Zacks research report on Devon Energy Corp (DVN).

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