Piper Jaffray Companies Upgrades Devon Energy (DVN) to Overweight
Devon Energy (NYSE:DVN) was upgraded by investment analysts at Piper Jaffray Companies from a “neutral” rating to an “overweight” rating in a research note issued on Thursday, The Fly reports.
A number of other equities analysts also recently weighed in on the stock. Morgan Stanley cut their price target on shares of Devon Energy from $45.00 to $44.00 and set a “hold” rating on the stock in a report on Wednesday. Barclays started coverage on shares of Devon Energy in a report on Wednesday, August 29th. They set an “overweight” rating and a $49.00 price target on the stock. KLR Group reiterated a “buy” rating and set a $60.00 price target on shares of Devon Energy in a report on Monday, August 20th. Johnson Rice upgraded shares of Devon Energy from an “accumulate” rating to a “buy” rating in a report on Wednesday, August 15th. Finally, Jefferies Financial Group set a $52.00 price target on shares of Devon Energy and gave the company a “buy” rating in a report on Friday, August 10th. Eight equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. Devon Energy currently has an average rating of “Buy” and a consensus target price of $50.18.
Shares of NYSE:DVN traded down $0.30 during midday trading on Thursday, hitting $39.38. 5,682,246 shares of the stock traded hands, compared to its average volume of 7,080,210. The company has a market cap of $21.07 billion, a price-to-earnings ratio of 62.51, a price-to-earnings-growth ratio of 3.61 and a beta of 2.24. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 0.45. Devon Energy has a one year low of $29.83 and a one year high of $46.54.
Devon Energy announced that its Board of Directors has initiated a share repurchase plan on Wednesday, June 6th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the energy company to purchase up to 14.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
In other Devon Energy news, Director Robert H. Henry sold 5,600 shares of Devon Energy stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $42.14, for a total value of $235,984.00. Following the completion of the transaction, the director now directly owns 9,704 shares of the company’s stock, valued at approximately $408,926.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.55% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in DVN. Perella Weinberg Partners Capital Management LP boosted its position in Devon Energy by 2,029.9% in the 2nd quarter. Perella Weinberg Partners Capital Management LP now owns 1,405,269 shares of the energy company’s stock valued at $61,776,000 after buying an additional 1,339,291 shares during the period. Diamond Hill Capital Management Inc. raised its holdings in shares of Devon Energy by 16.7% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 9,201,696 shares of the energy company’s stock valued at $404,507,000 after purchasing an additional 1,316,231 shares in the last quarter. FMR LLC raised its holdings in shares of Devon Energy by 11.1% in the 2nd quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock valued at $517,962,000 after purchasing an additional 1,173,389 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Devon Energy by 40.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,507,863 shares of the energy company’s stock valued at $111,515,000 after purchasing an additional 1,015,605 shares in the last quarter. Finally, BlueMountain Capital Management LLC raised its holdings in shares of Devon Energy by 15,497.1% in the 2nd quarter. BlueMountain Capital Management LLC now owns 998,529 shares of the energy company’s stock valued at $43,895,000 after purchasing an additional 992,127 shares in the last quarter. 83.99% of the stock is owned by hedge funds and other institutional investors.
About Devon Energy
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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