Devon Energy (NYSE:DVN) Coverage Initiated at Jefferies Financial Group

Equities research analysts at Jefferies Financial Group started coverage on shares of Devon Energy (NYSE:DVN) in a report released on Thursday, MarketBeat reports. The firm set a “hold” rating and a $45.00 price target on the energy company’s stock. Jefferies Financial Group’s target price suggests a potential upside of 6.11% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Bank of America restated a “buy” rating and issued a $64.00 target price on shares of Devon Energy in a report on Friday, June 14th. Piper Sandler dropped their target price on Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Truist Financial decreased their price target on Devon Energy from $60.00 to $49.00 and set a “buy” rating for the company in a report on Monday, September 30th. Sanford C. Bernstein dropped their price objective on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. Finally, StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Eight equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $53.79.

Devon Energy Trading Up 1.5 %

DVN opened at $42.41 on Thursday. The company has a fifty day moving average price of $42.74 and a two-hundred day moving average price of $46.87. Devon Energy has a 1-year low of $37.76 and a 1-year high of $55.09. The company has a market cap of $26.80 billion, a P/E ratio of 8.09, a price-to-earnings-growth ratio of 1.22 and a beta of 2.02. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter in the previous year, the company posted $1.18 earnings per share. The company’s quarterly revenue was up 13.4% on a year-over-year basis. Analysts predict that Devon Energy will post 5.11 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

A number of large investors have recently modified their holdings of DVN. Vanguard Group Inc. increased its stake in Devon Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after acquiring an additional 2,559,039 shares during the last quarter. Pacer Advisors Inc. grew its stake in Devon Energy by 16.8% in the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after buying an additional 1,428,776 shares in the last quarter. Raymond James & Associates increased its holdings in shares of Devon Energy by 1.5% in the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after buying an additional 138,919 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Devon Energy by 16.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after buying an additional 1,255,543 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its position in shares of Devon Energy by 15.9% during the 2nd quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock valued at $241,456,000 after buying an additional 699,743 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Company Profile

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.