Devon Energy (NYSE:DVN) Upgraded at StockNews.com

Devon Energy (NYSE:DVN) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

A number of other equities analysts have also issued reports on DVN. Morgan Stanley boosted their target price on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Mizuho lifted their price target on shares of Devon Energy from $53.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday. Piper Sandler increased their target price on Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. JPMorgan Chase & Co. boosted their price target on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Finally, Raymond James cut their target price on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

Devon Energy Stock Up 0.4 %

Devon Energy stock traded up $0.19 during trading hours on Friday, hitting $50.54. The company had a trading volume of 8,953,157 shares, compared to its average volume of 7,901,040. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The firm has a market capitalization of $32.09 billion, a P/E ratio of 9.64 and a beta of 2.16. The firm’s fifty day moving average is $49.48 and its 200-day moving average is $46.30.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.41%. Devon Energy’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.46 EPS. On average, research analysts forecast that Devon Energy will post 5.28 earnings per share for the current year.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently bought and sold shares of DVN. Morgan Stanley lifted its position in shares of Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after acquiring an additional 2,220,194 shares during the period. Raymond James & Associates lifted its holdings in shares of Devon Energy by 8.9% during the 1st quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after acquiring an additional 736,449 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Devon Energy by 0.8% in the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after purchasing an additional 68,339 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Devon Energy by 26.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after purchasing an additional 1,488,374 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Devon Energy by 1.2% in the 3rd quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock valued at $323,145,000 after purchasing an additional 82,607 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

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.