Devon Energy (NYSE:DVN) Upgraded by StockNews.com to “Buy”

Devon Energy (NYSE:DVN) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Friday.

DVN has been the subject of a number of other research reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price objective on shares of Devon Energy in a report on Thursday, March 7th. Truist Financial cut their target price on Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a research note on Friday. UBS Group boosted their price target on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Piper Sandler upped their price objective on shares of Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Finally, Barclays initiated coverage on shares of Devon Energy in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $58.44.

Devon Energy Price Performance

DVN traded up $0.19 during midday trading on Friday, hitting $50.54. 8,953,157 shares of the company traded hands, compared to its average volume of 7,901,040. The company has a market capitalization of $32.09 billion, a price-to-earnings ratio of 9.64 and a beta of 2.16. The business has a 50 day simple moving average of $49.48 and a two-hundred day simple moving average of $46.30. 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 52-week low of $40.47 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a return on equity of 29.41% and a net margin of 22.27%. The business’s revenue was down 5.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.46 earnings per share. On average, equities analysts forecast that Devon Energy will post 5.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

Several hedge funds have recently made changes to their positions in DVN. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Devon Energy during the third quarter worth approximately $27,000. Manchester Capital Management LLC purchased a new position in Devon Energy during the fourth quarter worth about $28,000. Tradewinds Capital Management LLC acquired a new stake in Devon Energy in the first quarter valued at about $30,000. Sound Income Strategies LLC boosted its holdings in Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after purchasing an additional 255 shares in the last quarter. Finally, Rise Advisors LLC increased its position in Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after purchasing an additional 669 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.