Devon Energy (NYSE:DVN) Lifted to Buy at StockNews.com

Devon Energy (NYSE:DVNGet Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday.

A number of other research analysts have also recently weighed in on the company. Susquehanna Bancshares raised their price target on Devon Energy from $62.00 to $73.00 in a research report on Monday. Susquehanna raised their price target on Devon Energy from $62.00 to $73.00 in a research report on Monday. Piper Sandler raised their price target on Devon Energy from $67.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, April 7th. Benchmark cut Devon Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, March 2nd. Finally, The Goldman Sachs Group cut Devon Energy from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $46.00 to $52.00 in a research report on Friday, January 21st. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $62.85.

Devon Energy stock traded up $0.22 during midday trading on Tuesday, reaching $56.40. The company’s stock had a trading volume of 9,183,181 shares, compared to its average volume of 13,067,366. Devon Energy has a fifty-two week low of $21.60 and a fifty-two week high of $65.45. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.38 and a current ratio of 1.38. The stock’s 50 day simple moving average is $58.90 and its 200 day simple moving average is $49.81. The firm has a market capitalization of $37.46 billion, a PE ratio of 13.53, a P/E/G ratio of 0.15 and a beta of 2.79.

Devon Energy (NYSE:DVNGet Rating) last announced its quarterly earnings results on Tuesday, February 15th. The energy company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.18. Devon Energy had a return on equity of 26.76% and a net margin of 23.60%. The business had revenue of $4.27 billion during the quarter, compared to analysts’ expectations of $3.56 billion. Equities analysts predict that Devon Energy will post 7.88 earnings per share for the current year.

In other news, CFO Jeffrey L. Ritenour sold 55,000 shares of the business’s stock in a transaction that occurred on Friday, March 11th. The stock was sold at an average price of $58.35, for a total value of $3,209,250.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ann G. Fox sold 9,027 shares of the company’s stock in a transaction on Friday, March 4th. The stock was sold at an average price of $58.67, for a total value of $529,614.09. The disclosure for this sale can be found here. Insiders sold a total of 164,251 shares of company stock valued at $9,827,922 over the last quarter. Company insiders own 0.59% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Invesco Ltd. grew its stake in Devon Energy by 0.3% during the 3rd quarter. Invesco Ltd. now owns 25,897,429 shares of the energy company’s stock worth $919,617,000 after buying an additional 84,866 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Devon Energy by 9.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 14,567,536 shares of the energy company’s stock worth $517,294,000 after buying an additional 1,270,392 shares during the last quarter. GQG Partners LLC grew its stake in Devon Energy by 4.3% during the 4th quarter. GQG Partners LLC now owns 14,507,422 shares of the energy company’s stock worth $638,965,000 after buying an additional 595,212 shares during the last quarter. Geode Capital Management LLC grew its stake in Devon Energy by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 12,797,427 shares of the energy company’s stock worth $562,357,000 after buying an additional 621,809 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. grew its stake in Devon Energy by 1.3% during the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 10,662,546 shares of the energy company’s stock worth $378,627,000 after buying an additional 139,322 shares during the last quarter. Hedge funds and other institutional investors own 88.11% of the company’s stock.

Devon Energy Company Profile (Get Rating)

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. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

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