Morgan Stanley Reiterates “Overweight” Rating for Devon Energy (NYSE:DVN)

Devon Energy (NYSE:DVN)‘s stock had its “overweight” rating reaffirmed by stock analysts at Morgan Stanley in a report issued on Tuesday, MarketBeat.com reports. They currently have a $46.00 target price on the energy company’s stock, up from their prior target price of $44.00. Morgan Stanley’s target price suggests a potential upside of 44.82% from the company’s previous close.

A number of other research firms have also weighed in on DVN. The Goldman Sachs Group raised their target price on shares of Devon Energy from $38.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Piper Sandler cut their target price on shares of Devon Energy from $56.00 to $53.00 and set an “overweight” rating for the company in a report on Tuesday, May 13th. Barclays lifted their price objective on shares of Devon Energy from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 7th. Royal Bank Of Canada dropped their price objective on shares of Devon Energy from $49.00 to $40.00 and set a “sector perform” rating for the company in a research note on Monday, April 14th. Finally, Susquehanna dropped their price objective on shares of Devon Energy from $52.00 to $41.00 and set a “positive” rating for the company in a research note on Tuesday, April 22nd. Eleven research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $43.48.

Devon Energy Trading Down 1.3%

Shares of DVN opened at $31.76 on Tuesday. The company has a 50 day simple moving average of $32.80 and a two-hundred day simple moving average of $33.54. Devon Energy has a 1 year low of $25.89 and a 1 year high of $49.35. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.99. The firm has a market cap of $20.40 billion, a P/E ratio of 7.24, a price-to-earnings-growth ratio of 2.42 and a beta of 1.02.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The business had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.31 billion. During the same period last year, the business posted $1.16 earnings per share. The company’s revenue for the quarter was up 23.8% compared to the same quarter last year. On average, equities analysts expect that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after purchasing an additional 5,465,692 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its holdings in Devon Energy by 42.8% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock worth $340,236,000 after purchasing an additional 3,114,656 shares in the last quarter. Marshall Wace LLP raised its holdings in Devon Energy by 135.5% in the fourth quarter. Marshall Wace LLP now owns 5,371,518 shares of the energy company’s stock worth $175,810,000 after purchasing an additional 3,090,585 shares in the last quarter. Invesco Ltd. raised its holdings in Devon Energy by 32.8% in the fourth quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock worth $309,682,000 after purchasing an additional 2,335,473 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Devon Energy by 81.1% in the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock worth $188,131,000 after purchasing an additional 2,252,918 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

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.