StockNews.com Upgrades Devon Energy (NYSE:DVN) to Hold

Devon Energy (NYSE:DVN) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a report issued on Wednesday.

DVN has been the subject of several other reports. Truist Financial cut Devon Energy from a “buy” rating to a “hold” rating and reduced their price target for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. Scotiabank decreased their target price on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. BMO Capital Markets lowered their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Morgan Stanley cut their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Finally, Citigroup lowered 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. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $50.05.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $31.24 on Wednesday. The stock has a market cap of $20.52 billion, a price-to-earnings ratio of 5.80, a PEG ratio of 1.10 and a beta of 1.99. Devon Energy has a 12 month low of $30.39 and a 12 month high of $55.09. The company has a 50 day simple moving average of $37.21 and a two-hundred day simple moving average of $41.76. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

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

Institutional Investors Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently made changes to their positions in DVN. Capital Performance Advisors LLP purchased a new position in Devon Energy during the third quarter worth about $35,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Devon Energy during the 3rd quarter worth approximately $39,000. True Wealth Design LLC raised its position in shares of 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 buying an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. lifted its holdings in 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 last quarter. Finally, Activest Wealth Management grew its position in 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. Institutional investors and hedge funds 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.