Morgan Stanley Increases Devon Energy (NYSE:DVN) Price Target to $50.00

Devon Energy (NYSE:DVN) had its price target boosted by equities research analysts at Morgan Stanley from $49.00 to $50.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the energy company’s stock. Morgan Stanley’s price target would suggest a potential downside of 4.19% from the company’s current price.

A number of other brokerages have also weighed in on DVN. Piper Sandler reduced their price target on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating for the company in a research note on Wednesday, January 24th. Scotiabank increased their price target on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Truist Financial decreased their target price on Devon Energy from $69.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Finally, JPMorgan Chase & Co. upped their price target on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.89.

Devon Energy Trading Down 0.9 %

Shares of NYSE DVN opened at $52.19 on Monday. The company has a market cap of $33.14 billion, a price-to-earnings ratio of 8.95 and a beta of 2.19. The stock’s 50 day simple moving average is $47.30 and its 200 day simple moving average is $45.78. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. Devon Energy has a 12-month low of $40.47 and a 12-month high of $56.19.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.66 EPS. Equities research analysts expect that Devon Energy will post 5.02 EPS for the current year.

Institutional Trading of Devon Energy

Several hedge funds and other institutional investors have recently modified their holdings of DVN. Canada Pension Plan Investment Board bought a new stake in Devon Energy in the first quarter worth $26,000. Fortis Capital Advisors LLC acquired a new stake in Devon Energy in the 4th quarter worth approximately $31,000. KB Financial Partners LLC bought a new stake in Devon Energy during the first quarter worth approximately $26,000. Coppell Advisory Solutions LLC acquired a new position in Devon Energy during the second quarter valued at approximately $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Devon Energy in the third quarter valued at approximately $27,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.