Devon Energy (NYSE:DVN) Upgraded to Outperform at Wolfe Research

Devon Energy (NYSE:DVN) was upgraded by analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a research report issued on Friday,Briefing.com Automated Import reports. The brokerage presently has a $45.00 price objective on the energy company’s stock. Wolfe Research’s target price would suggest a potential upside of 34.73% from the company’s previous close.

Several other equities analysts have also commented on the stock. Evercore ISI reduced their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. Truist Financial downgraded Devon Energy from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $49.00 to $43.00 in a report on Thursday, November 7th. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a report on Friday. UBS Group lowered their price objective on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Finally, Piper Sandler cut their target price on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Eleven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $49.81.

Devon Energy Trading Up 2.0 %

NYSE DVN opened at $33.40 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The stock’s 50-day simple moving average is $36.07 and its two-hundred day simple moving average is $41.12. Devon Energy has a twelve month low of $30.39 and a twelve month high of $55.09. The company has a market capitalization of $21.94 billion, a price-to-earnings ratio of 6.20, a PEG ratio of 1.10 and a beta of 1.99.

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

Hedge Funds Weigh In On Devon Energy

Hedge funds have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new stake in shares of Devon Energy in the 3rd quarter worth $35,000. Future Financial Wealth Managment LLC purchased a new position in Devon Energy in the 3rd quarter worth about $39,000. True Wealth Design LLC lifted its stake in Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after acquiring an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. boosted its holdings in shares of Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after acquiring an additional 290 shares during the last quarter. Finally, Activest Wealth Management grew its stake in shares of Devon Energy by 60.4% in the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after acquiring an additional 480 shares during the period. 69.72% of the stock is currently owned by hedge funds and other 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.