Devon Energy (NYSE:DVN) Raised to “Outperform” at Wolfe Research

Devon Energy (NYSE:DVN) was upgraded by research analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a report issued on Friday, MarketBeat Ratings reports. The firm currently has a $45.00 target price on the energy company’s stock. Wolfe Research’s target price suggests a potential upside of 32.63% from the company’s current price.

Several other equities research analysts have also issued reports on the company. Jefferies Financial Group began coverage on Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price for the company. JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a report on Thursday, December 5th. Piper Sandler dropped their target price on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Susquehanna decreased their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Finally, 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. Eleven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $49.81.

Devon Energy Stock Up 1.6 %

Devon Energy stock opened at $33.93 on Friday. 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 stock has a market cap of $22.29 billion, a PE ratio of 6.30, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The firm’s 50-day simple moving average is $35.97 and its 200 day simple moving average is $41.01.

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

Institutional Investors Weigh In On Devon Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. 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 bought a new position in shares of Devon Energy in the third quarter worth approximately $39,000. True Wealth Design LLC raised 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 purchasing an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. lifted its position in Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after purchasing an additional 290 shares during the last quarter. Finally, Activest Wealth Management grew its stake in Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after buying an additional 480 shares in 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.