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

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

Other equities analysts have also recently issued reports about the stock. Stifel Nicolaus boosted their target price on shares of Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Susquehanna upped their target price on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Piper Sandler raised their target price on Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, April 19th. UBS Group boosted their price target on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. Finally, Truist Financial reduced their price objective on Devon Energy from $69.00 to $67.00 and set a “buy” rating on the stock in a research note on Friday. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $58.44.

Devon Energy Price Performance

Shares of DVN stock traded up $0.20 during trading on Friday, hitting $50.54. The company had a trading volume of 8,953,763 shares, compared to its average volume of 7,073,719. The stock’s 50-day moving average price is $49.62 and its 200 day moving average price is $46.28. Devon Energy has a one year low of $40.47 and a one year high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.04. The firm has a market capitalization of $32.09 billion, a P/E ratio of 9.65 and a beta of 2.16.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. Devon Energy’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.46 EPS. Equities analysts expect that Devon Energy will post 5.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently made changes to their positions in the stock. Lord Abbett & CO. LLC boosted its holdings in Devon Energy by 15.5% in the third quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock valued at $26,221,000 after acquiring an additional 73,570 shares during the last quarter. Nordea Investment Management AB increased its position in shares of Devon Energy by 2.7% during the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock worth $17,974,000 after buying an additional 9,823 shares during the period. Atria Investments Inc raised its stake in Devon Energy by 64.4% during the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock worth $2,606,000 after buying an additional 21,400 shares during the last quarter. Pearl River Capital LLC lifted its holdings in Devon Energy by 367.7% in the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after buying an additional 58,997 shares during the period. Finally, Argent Trust Co boosted its position in Devon Energy by 22.1% during the third quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock valued at $4,140,000 after acquiring an additional 15,715 shares during the last quarter. Institutional investors 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.