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

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

Other equities analysts have also recently issued reports about the company. Truist Financial cut Devon Energy from a “buy” rating to a “hold” rating and lowered their target price for the company from $49.00 to $43.00 in a report on Thursday, November 7th. Piper Sandler dropped their price objective on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Citigroup cut their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. BMO Capital Markets decreased their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Finally, TD Cowen reduced their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy has a consensus rating of “Hold” and an average price target of $50.05.

Devon Energy Stock Performance

Shares of DVN stock opened at $31.24 on Wednesday. Devon Energy has a one year low of $30.39 and a one year high of $55.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The firm’s 50 day moving average price is $37.21 and its 200-day moving average price is $41.76. The firm has a market cap of $20.52 billion, a P/E ratio of 5.80, a P/E/G ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS 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 for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the firm earned $1.65 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. As a group, equities research analysts predict that Devon Energy will post 4.79 EPS for the current year.

Hedge Funds Weigh In On Devon Energy

Several hedge funds have recently made changes to their positions in DVN. Capital Performance Advisors LLP purchased a new stake in shares of Devon Energy in the 3rd quarter valued at about $35,000. Future Financial Wealth Managment LLC purchased a new stake in Devon Energy in the third quarter valued at approximately $39,000. True Wealth Design LLC lifted its stake in Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after buying an additional 1,089 shares during the last quarter. Hazlett Burt & Watson Inc. boosted its holdings in shares of Devon Energy by 29.8% in the third 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 period. Finally, Activest Wealth Management grew its position in shares of Devon Energy by 60.4% during 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 last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.