Devon Energy (NYSE:DVN) Raised to “Hold” at StockNews.com

Devon Energy (NYSE:DVN) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.

A number of other research analysts also recently weighed in on the company. Morgan Stanley cut their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Truist Financial lowered shares of Devon Energy from a “buy” rating to a “hold” rating and dropped their price target for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. Raymond James decreased their price objective on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Susquehanna dropped their target price on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a report on Friday, October 18th. Finally, Jefferies Financial Group initiated coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price for the company. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $50.05.

Devon Energy Trading Up 2.0 %

NYSE:DVN opened at $33.40 on Friday. The stock’s 50 day moving average price is $36.07 and its 200 day moving average price is $41.12. Devon Energy has a 52 week low of $30.39 and a 52 week high of $55.09. The company has a market capitalization of $21.94 billion, a P/E ratio of 6.20, a P/E/G ratio of 1.10 and a beta of 1.99. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the company posted $1.65 earnings per share. Devon Energy’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, research analysts forecast that Devon Energy will post 4.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

Large investors have recently modified their holdings of the stock. SkyOak Wealth LLC boosted its position in Devon Energy by 4.1% in the second quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock valued at $298,000 after buying an additional 250 shares in the last quarter. Riversedge Advisors LLC boosted its holdings in shares of Devon Energy by 3.6% in the 3rd quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock worth $287,000 after acquiring an additional 253 shares in the last quarter. Modus Advisors LLC grew its position in Devon Energy by 2.4% during the 3rd quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock worth $447,000 after acquiring an additional 272 shares during the last quarter. Coldstream Capital Management Inc. increased its holdings in Devon Energy by 1.6% during the 2nd quarter. Coldstream Capital Management Inc. now owns 17,816 shares of the energy company’s stock valued at $844,000 after purchasing an additional 279 shares in the last quarter. Finally, Lummis Asset Management LP raised its position in Devon Energy by 1.0% in the 2nd quarter. Lummis Asset Management LP now owns 30,055 shares of the energy company’s stock valued at $1,425,000 after purchasing an additional 290 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Company Profile

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.