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

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

Several other equities analysts have also recently issued reports on DVN. Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Scotiabank cut their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. BMO Capital Markets lowered their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. TD Cowen dropped their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. Finally, Susquehanna cut their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Twelve 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 stock presently has an average rating of “Hold” and an average target price of $50.05.

Devon Energy Stock Performance

NYSE:DVN opened at $31.11 on Wednesday. The business has a 50 day moving average price of $36.83 and a 200-day moving average price of $41.61. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The firm has a market cap of $20.44 billion, a PE ratio of 5.77, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of DVN. HB Wealth Management LLC boosted its holdings in Devon Energy by 2.1% during the 2nd quarter. HB Wealth Management LLC now owns 19,892 shares of the energy company’s stock valued at $943,000 after acquiring an additional 418 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in shares of Devon Energy by 21.1% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 27,823 shares of the energy company’s stock valued at $1,319,000 after acquiring an additional 4,848 shares during the period. iA Global Asset Management Inc. raised its position in Devon Energy by 149.0% in the 2nd quarter. iA Global Asset Management Inc. now owns 79,260 shares of the energy company’s stock valued at $3,757,000 after purchasing an additional 47,431 shares during the last quarter. Rothschild Investment LLC purchased a new position in Devon Energy during the 2nd quarter worth $1,867,000. Finally, Concurrent Investment Advisors LLC grew its holdings in shares of Devon Energy by 88.8% during the second quarter. Concurrent Investment Advisors LLC now owns 75,379 shares of the energy company’s stock worth $3,573,000 after buying an additional 35,454 shares during 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.