Devon Energy (NYSE:DVN) Stock Rating Upgraded by The Goldman Sachs Group

Devon Energy (NYSE:DVN) was upgraded by equities research analysts at The Goldman Sachs Group to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

Several other equities analysts also recently weighed in on DVN. Argus lifted their price target on shares of Devon Energy from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, June 10th. JPMorgan Chase & Co. assumed coverage on shares of Devon Energy in a research note on Monday, June 8th. They issued an “overweight” rating and a $62.00 price objective for the company. Mizuho raised their price objective on shares of Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Morgan Stanley lifted their target price on shares of Devon Energy from $59.00 to $66.00 and gave the company an “overweight” rating in a research note on Thursday, May 21st. Finally, Truist Financial increased their price target on Devon Energy from $63.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Three analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $58.96.

Devon Energy Stock Down 1.5%

NYSE DVN opened at $42.72 on Tuesday. Devon Energy has a 52 week low of $31.45 and a 52 week high of $52.71. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $26.54 billion, a P/E ratio of 11.90 and a beta of 0.37. The stock’s 50-day moving average price is $46.10 and its 200-day moving average price is $43.47.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company’s revenue was down 14.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.82 earnings per share. On average, equities research analysts predict that Devon Energy will post 4.97 earnings per share for the current year.

Insider Transactions at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the sale, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. increased its holdings in shares of Devon Energy by 2,108.0% in the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock worth $233,953,000 after purchasing an additional 6,097,658 shares during the last quarter. Panagora Asset Management Inc. grew its holdings in Devon Energy by 42,376.5% during the 4th quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock valued at $132,206,000 after buying an additional 3,600,731 shares in the last quarter. Kimmeridge Energy Management Company LLC grew its holdings in Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after buying an additional 3,195,862 shares in the last quarter. AQR Capital Management LLC increased its stake in Devon Energy by 78.7% in the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after acquiring an additional 2,802,137 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in Devon Energy by 92.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company’s stock worth $260,692,000 after acquiring an additional 2,485,603 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Trending Headlines about Devon Energy

Here are the key news stories impacting Devon Energy this week:

• Neutral Sentiment: Devon announced the final results of its private exchange offers and consent solicitations for existing Coterra Energy notes, with settlement expected on or about June 25. The company said strong participation in several note series should help reshape its debt profile, which may support financial flexibility over time. Article link
• Neutral Sentiment: Investor commentary noted that Devon has been moving with the energy sector as crude oil prices fell to their lowest level since the start of recent Middle East tensions eased. Lower oil prices are a headwind for upstream producers like DVN because they can reduce expected cash flow and earnings. Article link
• Neutral Sentiment: Devon also participated in the J.P. Morgan Energy, Power & Renewables Conference, but the available information does not indicate any major new guidance or catalyst from that event. Article link
• Neutral Sentiment: Analyst tone remains generally constructive overall, with recent reports including an “Overweight” rating from Morgan Stanley and a median price target above the current trading range, which may help limit downside sentiment. Article link
• Negative Sentiment: Devon’s stock also reacted to a broader selloff in oil and gas names after crude prices weakened, a direct negative for DVN and other energy producers. Article link

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.