Devon Energy (NYSE:DVN) Stock Rating Upgraded by 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.

DVN has been the topic of several other reports. Raymond James cut their price target on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Susquehanna cut their target price on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Morgan Stanley decreased their price target on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Piper Sandler cut their price objective on Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Finally, Wells Fargo & Company decreased their target price on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $50.05.

Devon Energy Stock Performance

Devon Energy stock opened at $33.40 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The firm’s fifty day moving average price is $36.07 and its 200 day moving average price is $41.12. The company has a market capitalization of $21.94 billion, a price-to-earnings ratio of 6.20, a price-to-earnings-growth 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.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating 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 firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the business 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 Trading of Devon Energy

Several hedge funds and other institutional investors have recently modified their holdings of the business. Capital Performance Advisors LLP purchased a new position in Devon Energy during the 3rd quarter valued at about $35,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Devon Energy during the third quarter worth approximately $39,000. True Wealth Design LLC grew its position in Devon Energy by 3,889.3% during 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. increased its stake in Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after buying an additional 290 shares during the period. Finally, Activest Wealth Management lifted its position 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. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.