Morgan Stanley Reaffirms Overweight Rating for Devon Energy (NYSE:DVN)

Devon Energy (NYSE:DVN)‘s stock had its “overweight” rating reissued by equities researchers at Morgan Stanley in a note issued to investors on Tuesday, MarketBeat.com reports. They currently have a $46.00 target price on the energy company’s stock, up from their previous target price of $44.00. Morgan Stanley’s price target would suggest a potential upside of 40.91% from the stock’s current price.

A number of other equities analysts have also recently issued reports on DVN. Piper Sandler cut their target price on Devon Energy from $56.00 to $53.00 and set an “overweight” rating on the stock in a report on Tuesday, May 13th. UBS Group boosted their price target on shares of Devon Energy from $35.00 to $37.00 and gave the stock a “neutral” rating in a report on Friday. Bank of America cut their target price on Devon Energy from $52.00 to $42.00 and set a “buy” rating on the stock in a research note on Tuesday, April 29th. Wall Street Zen raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Thursday, May 15th. Finally, Scotiabank reissued an “outperform” rating on shares of Devon Energy in a research report on Friday. Eleven analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $43.48.

Devon Energy Price Performance

Devon Energy stock traded down $0.56 during midday trading on Tuesday, reaching $32.65. The company’s stock had a trading volume of 1,225,837 shares, compared to its average volume of 9,224,746. The stock has a market cap of $20.96 billion, a PE ratio of 7.44, a price-to-earnings-growth ratio of 2.53 and a beta of 1.02. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. Devon Energy has a 52 week low of $25.89 and a 52 week high of $49.35. The business has a 50-day moving average price of $32.69 and a 200-day moving average price of $33.54.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. During the same quarter last year, the business earned $1.16 earnings per share. Devon Energy’s revenue was up 23.8% compared to the same quarter last year. On average, sell-side analysts predict that Devon Energy will post 4.85 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Banque Cantonale Vaudoise bought a new stake in Devon Energy in the 1st quarter worth $26,000. Financial Gravity Asset Management Inc. bought a new position in shares of Devon Energy in the 1st quarter worth approximately $26,000. Hurley Capital LLC bought a new position in Devon Energy in the fourth quarter worth $26,000. Opal Wealth Advisors LLC purchased a new position in Devon Energy during the second quarter valued at $25,000. Finally, Rakuten Securities Inc. grew its holdings in Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock worth $31,000 after purchasing an additional 405 shares during the period. 69.72% of the stock is owned by institutional investors.

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.