Devon Energy (NYSE:DVN) PT Raised to $49.00 at Morgan Stanley

Devon Energy (NYSE:DVNGet Free Report) had its price target increased by stock analysts at Morgan Stanley from $48.00 to $49.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the energy company’s stock. Morgan Stanley’s price target suggests a potential downside of 2.35% from the company’s current price.

Several other research analysts have also recently commented on DVN. Mizuho lowered their price target on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, January 11th. Piper Sandler dropped their price objective on Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a report on Wednesday, January 24th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. UBS Group cut their price objective on shares of Devon Energy from $52.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, December 14th. Finally, JPMorgan Chase & Co. raised shares of Devon Energy from a “neutral” rating to an “overweight” rating and increased their target price for the company from $57.00 to $58.00 in a research report on Wednesday, December 6th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $55.19.

Check Out Our Latest Stock Report on Devon Energy

Devon Energy Stock Performance

NYSE:DVN opened at $50.18 on Thursday. Devon Energy has a 52 week low of $40.47 and a 52 week high of $56.19. The company has a market cap of $31.86 billion, a price-to-earnings ratio of 8.61 and a beta of 2.18. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The company has a fifty day simple moving average of $44.63 and a two-hundred day simple moving average of $45.46.

Devon Energy (NYSE:DVNGet Free Report) last posted its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter last year, the company earned $1.66 EPS. Devon Energy’s revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, equities analysts anticipate that Devon Energy will post 4.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

Several large investors have recently modified their holdings of the stock. Wahed Invest LLC increased its stake in Devon Energy by 2.1% in the 1st quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock valued at $469,000 after buying an additional 161 shares during the period. Avior Wealth Management LLC increased its stake in shares of Devon Energy by 4.9% during the third quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock worth $210,000 after acquiring an additional 207 shares during the period. Cornerstone Wealth Management LLC raised its holdings in Devon Energy by 1.9% during the third quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after purchasing an additional 218 shares in the last quarter. MCF Advisors LLC lifted its position in Devon Energy by 9.0% in the third quarter. MCF Advisors LLC now owns 2,681 shares of the energy company’s stock valued at $128,000 after purchasing an additional 222 shares during the period. Finally, Clearbridge Investments LLC boosted its holdings in Devon Energy by 2.1% in the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock valued at $567,000 after purchasing an additional 239 shares in the last quarter. Hedge funds and other 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.

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