Devon Energy (NYSE:DVN) Receives New Coverage from Analysts at StockNews.com

Equities research analysts at StockNews.com started coverage on shares of Devon Energy (NYSE:DVN – Get Rating) in a research report issued to clients and investors on Thursday. The firm set a “hold” rating on the energy company’s stock.

DVN has been the subject of a number of other reports. Evercore ISI decreased their target price on Devon Energy from $80.00 to $52.00 in a report on Tuesday. Susquehanna decreased their target price on Devon Energy from $79.00 to $72.00 and set a “positive” rating for the company in a report on Thursday, February 16th. Wells Fargo & Company decreased their target price on Devon Energy from $70.00 to $59.00 and set an “equal weight” rating for the company in a report on Friday, February 17th. Mizuho decreased their target price on Devon Energy from $82.00 to $71.00 in a report on Friday, March 10th. Finally, Piper Sandler decreased their target price on Devon Energy from $89.00 to $85.00 and set an “overweight” rating for the company in a report on Tuesday, March 7th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $73.21.

Devon Energy Trading Down 8.3 %

Shares of NYSE DVN opened at $45.12 on Thursday. Devon Energy has a twelve month low of $44.37 and a twelve month high of $79.40. The company has a current ratio of 1.25, a quick ratio of 1.19 and a debt-to-equity ratio of 0.55. The stock has a fifty day simple moving average of $59.33 and a 200-day simple moving average of $64.56. The stock has a market capitalization of $29.51 billion, a PE ratio of 4.95, a PEG ratio of 0.14 and a beta of 2.33.

Devon Energy (NYSE:DVN – Get Rating) last issued its quarterly earnings data on Wednesday, February 15th. The energy company reported $1.66 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.09). The firm had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.29 billion. Devon Energy had a net margin of 31.38% and a return on equity of 52.20%. The company’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.39 earnings per share. On average, equities analysts forecast that Devon Energy will post 7.04 earnings per share for the current year.

Insider Activity

In other news, CEO Richard E. Muncrief bought 10,000 shares of Devon Energy stock in a transaction dated Friday, February 17th. The stock was acquired at an average cost of $53.28 per share, with a total value of $532,800.00. Following the acquisition, the chief executive officer now owns 1,973,977 shares of the company’s stock, valued at $105,173,494.56. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director John E. Bethancourt purchased 3,765 shares of the company’s stock in a transaction that occurred on Friday, February 17th. The shares were purchased at an average price of $53.06 per share, for a total transaction of $199,770.90. Following the transaction, the director now directly owns 94,669 shares of the company’s stock, valued at approximately $5,023,137.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Richard E. Muncrief purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 17th. The stock was bought at an average price of $53.28 per share, for a total transaction of $532,800.00. Following the transaction, the chief executive officer now directly owns 1,973,977 shares in the company, valued at $105,173,494.56. The disclosure for this purchase can be found here. Company insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently added to or reduced their stakes in DVN. WFA of San Diego LLC acquired a new position in Devon Energy during the 4th quarter worth approximately $25,000. Tyler Stone Wealth Management acquired a new position in Devon Energy during the 4th quarter worth approximately $25,000. Tradewinds Capital Management LLC increased its position in Devon Energy by 115.0% during the 4th quarter. Tradewinds Capital Management LLC now owns 430 shares of the energy company’s stock worth $26,000 after purchasing an additional 230 shares during the period. Canada Pension Plan Investment Board acquired a new position in Devon Energy during the 1st quarter worth approximately $26,000. Finally, SJS Investment Consulting Inc. acquired a new position in Devon Energy during the 3rd quarter worth approximately $29,000. Institutional investors and hedge funds own 78.08% of the company’s stock.

About Devon Energy

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Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.