Devon Energy (NYSE:DVN) Reaches New 1-Year High on Analyst Upgrade

Devon Energy Corporation (NYSE:DVN) reached a new 52-week high during trading on Tuesday after Raymond James Financial raised their price target on the stock from $44.00 to $52.00. Raymond James Financial currently has an outperform rating on the stock. Devon Energy traded as high as $44.02 and last traded at $43.51, with a volume of 7806793 shares traded. The stock had previously closed at $43.81.

A number of other equities research analysts also recently weighed in on the company. Johnson Rice dropped their price objective on Devon Energy from $70.00 to $62.00 and set a “buy” rating on the stock in a research report on Friday, December 5th. Susquehanna upped their price target on Devon Energy from $45.00 to $47.00 and gave the stock a “positive” rating in a research report on Tuesday, February 3rd. Sanford C. Bernstein decreased their price objective on Devon Energy from $48.00 to $42.00 and set an “outperform” rating for the company in a report on Monday, January 5th. Wolfe Research boosted their target price on Devon Energy from $49.00 to $57.00 in a research note on Tuesday, February 3rd. Finally, Barclays upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $42.00 to $50.00 in a research note on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $46.24.

Institutional Trading of Devon Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Woodline Partners LP boosted its stake in shares of Devon Energy by 98.8% during the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after acquiring an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in Devon Energy in the 2nd quarter worth about $403,000. Vontobel Holding Ltd. grew its holdings in Devon Energy by 27.3% in the second quarter. Vontobel Holding Ltd. now owns 7,427 shares of the energy company’s stock valued at $236,000 after purchasing an additional 1,592 shares during the period. Aberdeen Group plc grew its holdings in Devon Energy by 2.9% in the second quarter. Aberdeen Group plc now owns 351,680 shares of the energy company’s stock valued at $11,187,000 after purchasing an additional 10,001 shares during the period. Finally, CWM LLC increased its position in shares of Devon Energy by 124.3% in the second quarter. CWM LLC now owns 198,144 shares of the energy company’s stock valued at $6,303,000 after buying an additional 109,787 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Down 2.2%

The firm has a market capitalization of $27.59 billion, a price-to-earnings ratio of 10.35, a P/E/G ratio of 3.95 and a beta of 0.61. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.87 and a current ratio of 0.96. The company has a 50 day moving average price of $38.10 and a two-hundred day moving average price of $35.65.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.