Devon Energy (NYSE:DVN) Upgraded at StockNews.com

Devon Energy (NYSE:DVN) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Monday.

DVN has been the topic of several other reports. Scotiabank lowered their price target on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Evercore ISI decreased their price objective on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. BMO Capital Markets dropped their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Barclays decreased their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Finally, Piper Sandler raised their price objective on shares of Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $50.55.

Devon Energy Stock Down 3.9 %

Shares of NYSE:DVN traded down $1.30 during trading on Monday, reaching $32.58. The stock had a trading volume of 15,126,703 shares, compared to its average volume of 7,589,460. The firm’s 50-day simple moving average is $38.54 and its 200 day simple moving average is $42.43. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy has a one year low of $32.56 and a one year high of $55.09. The company has a market capitalization of $21.40 billion, a P/E ratio of 6.04, a PEG ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the business posted $1.65 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. As a group, research analysts expect that Devon Energy will post 4.79 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DVN. 1620 Investment Advisors Inc. purchased a new position in Devon Energy in the second quarter valued at $34,000. PSI Advisors LLC increased its holdings in shares of Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Devon Energy during the 3rd quarter worth about $35,000. Future Financial Wealth Managment LLC purchased a new stake in Devon Energy during the third quarter worth approximately $39,000. Finally, True Wealth Design LLC boosted its holdings in Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after purchasing an additional 1,089 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Company Profile

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.