Devon Energy (NYSE:DVN) PT Raised to $54.00 at Morgan Stanley

Devon Energy (NYSE:DVNGet Free Report) had its price objective upped by investment analysts at Morgan Stanley from $52.00 to $54.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the energy company’s stock. Morgan Stanley’s target price would suggest a potential upside of 17.65% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the stock. Susquehanna boosted their price target on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. UBS Group increased their price target on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Bank of America reaffirmed a “buy” rating and set a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. JPMorgan Chase & Co. increased their target price on Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Citigroup raised their target price on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $60.00.

Check Out Our Latest Analysis on Devon Energy

Devon Energy Stock Down 0.3 %

Shares of DVN opened at $45.90 on Tuesday. The firm has a market capitalization of $29.01 billion, a price-to-earnings ratio of 8.76, a PEG ratio of 1.23 and a beta of 2.07. Devon Energy has a 52 week low of $40.47 and a 52 week high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The business’s fifty day moving average price is $47.94 and its two-hundred day moving average price is $47.02.

Devon Energy (NYSE:DVNGet Free Report) last posted its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.06. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.46 earnings per share. On average, analysts predict that Devon Energy will post 5.25 earnings per share for the current year.

Insider Transactions at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.73% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Salem Investment Counselors Inc. grew its holdings in shares of Devon Energy by 31.4% in the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after acquiring an additional 199 shares in the last quarter. Retirement Group LLC boosted its position in Devon Energy by 21.8% during the first quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after purchasing an additional 199 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in Devon Energy by 7.4% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after purchasing an additional 209 shares in the last quarter. MCF Advisors LLC increased its position in shares of Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after purchasing an additional 215 shares during the last quarter. Finally, Versant Capital Management Inc increased its position in shares of Devon Energy by 30.4% during the 2nd quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock worth $46,000 after purchasing an additional 226 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Devon Energy (NYSE:DVN)

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