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

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

A number of other analysts also recently issued reports on the stock. Citigroup cut their price objective on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Susquehanna cut their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Truist Financial lowered Devon Energy from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $49.00 to $43.00 in a research note on Thursday, November 7th. Piper Sandler reduced their target price on Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Finally, Morgan Stanley dropped their price target on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Eleven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $49.81.

Devon Energy Trading Up 1.6 %

Shares of NYSE:DVN opened at $33.93 on Friday. Devon Energy has a 12-month low of $30.39 and a 12-month high of $55.09. The business has a 50 day moving average of $35.97 and a 200-day moving average of $41.01. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The stock has a market cap of $22.29 billion, a PE ratio of 6.30, a P/E/G ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the firm posted $1.65 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, equities research analysts forecast that Devon Energy will post 4.79 earnings per share for the current year.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently added to or reduced their stakes in the business. William B. Walkup & Associates Inc. acquired a new position in shares of Devon Energy during the second quarter worth $1,026,000. Legacy Investment Solutions LLC acquired a new position in Devon Energy during the 3rd quarter worth about $8,002,000. Bridgewater Associates LP acquired a new position in Devon Energy during the 3rd quarter worth about $9,426,000. Petrus Trust Company LTA grew its position in shares of Devon Energy by 394.7% in the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after buying an additional 17,415 shares during the last quarter. Finally, CIBC Asset Management Inc increased its stake in shares of Devon Energy by 6.3% in the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after buying an additional 6,358 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.