Stifel Nicolaus Reaffirms Buy Rating for Devon Energy (NYSE:DVN)

Devon Energy (NYSE:DVN)‘s stock had its “buy” rating restated by investment analysts at Stifel Nicolaus in a research note issued to investors on Thursday, Benzinga reports. They currently have a $61.00 target price on the energy company’s stock. Stifel Nicolaus’ price target suggests a potential upside of 24.45% from the stock’s current price.

Several other research firms have also recently weighed in on DVN. Truist Financial increased their price target on shares of Devon Energy from $61.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Argus restated a “buy” rating and set a $45.85 price objective on shares of Devon Energy in a report on Monday, August 17th. UBS Group decreased their target price on Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. Seaport Research Partners began coverage on Devon Energy in a research note on Thursday, September 3rd. They set a “buy” rating and a $65.00 target price on the stock. Finally, Susquehanna lifted their price target on Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $59.30.

Devon Energy Trading Up 1.3%

Shares of Devon Energy stock opened at $49.01 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The business has a fifty day simple moving average of $45.22 and a two-hundred day simple moving average of $45.88. Devon Energy has a 1 year low of $31.47 and a 1 year high of $52.71. The company has a market capitalization of $53.92 billion, a price-to-earnings ratio of 11.64, a P/E/G ratio of 1.32 and a beta of 0.37.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.17. The company had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company’s revenue was up 73.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.84 earnings per share. Research analysts forecast that Devon Energy will post 5.24 EPS for the current year.

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tobam lifted its position in shares of Devon Energy by 16.4% during the 4th quarter. Tobam now owns 1,633 shares of the energy company’s stock valued at $60,000 after acquiring an additional 230 shares during the period. Sigma Planning Corp increased its position in shares of Devon Energy by 3.5% in the second quarter. Sigma Planning Corp now owns 6,902 shares of the energy company’s stock worth $285,000 after purchasing an additional 233 shares during the period. TD Private Client Wealth LLC raised its stake in Devon Energy by 3.4% in the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after purchasing an additional 236 shares in the last quarter. Retirement Planning Group LLC lifted its position in Devon Energy by 4.5% during the second quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company’s stock worth $233,000 after purchasing an additional 243 shares during the period. Finally, JFS Wealth Advisors LLC grew its stake in Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after buying an additional 245 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

About Devon Energy

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon’s operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.