Devon Energy (NYSE:DVN) Coverage Initiated by Analysts at Jefferies Financial Group

Equities researchers at Jefferies Financial Group assumed coverage on shares of Devon Energy (NYSE:DVN) in a research report issued on Thursday, StockNewsAPI reports. The firm set a “hold” rating and a $45.00 price target on the energy company’s stock. Jefferies Financial Group’s price target would suggest a potential upside of 11.11% from the stock’s current price.

A number of other equities research analysts have also weighed in on the company. UBS Group reduced their price objective on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. JPMorgan Chase & Co. reduced their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Bank of America restated a “buy” rating and set a $64.00 price objective on shares of Devon Energy in a research report on Friday, June 14th. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a research report on Tuesday, September 3rd. Eight research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.83.

Devon Energy Price Performance

Shares of NYSE DVN opened at $40.50 on Thursday. Devon Energy has a fifty-two week low of $37.76 and a fifty-two week high of $55.09. The business has a fifty day moving average price of $42.83 and a two-hundred day moving average price of $46.90. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The stock has a market capitalization of $25.60 billion, a PE ratio of 7.73, a P/E/G ratio of 1.22 and a beta of 2.02.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same quarter last year, the company posted $1.18 EPS. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. As a group, equities analysts predict that Devon Energy will post 5.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently modified their holdings of DVN. Triad Wealth Partners LLC bought a new position in Devon Energy during the second quarter valued at $27,000. Tradewinds Capital Management LLC purchased a new stake in shares of Devon Energy in the first quarter worth $30,000. Jones Financial Companies Lllp raised its position in shares of Devon Energy by 104.8% in the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after buying an additional 374 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of Devon Energy in the second quarter worth $34,000. Finally, PSI Advisors LLC raised its position in shares of Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after buying an additional 300 shares in 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.