Devon Energy (NYSE:DVN) Raised to Strong-Buy at Tudor Pickering

Devon Energy (NYSE:DVN) was upgraded by stock analysts at Tudor Pickering from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

DVN has been the subject of several other reports. Wolfe Research raised their target price on Devon Energy from $64.00 to $65.00 and gave the company an “outperform” rating in a research note on Monday, April 6th. Benchmark reiterated a “buy” rating on shares of Devon Energy in a research note on Friday, January 16th. Zacks Research raised Devon Energy from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Capital One Financial lowered their price objective on Devon Energy from $64.00 to $63.00 and set an “overweight” rating for the company in a research note on Tuesday, April 14th. Finally, Barclays lifted their price objective on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Monday, March 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $53.96.

Devon Energy Trading Up 1.6%

DVN opened at $45.64 on Monday. The firm’s 50 day moving average is $46.44 and its 200-day moving average is $39.75. Devon Energy has a 52-week low of $29.70 and a 52-week high of $52.71. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $28.36 billion, a P/E ratio of 10.94, a P/E/G ratio of 0.81 and a beta of 0.47.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The business had revenue of $4.12 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same period in the prior year, the firm earned $1.10 earnings per share. The business’s quarterly revenue was down 6.4% compared to the same quarter last year. Analysts expect that Devon Energy will post 4.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

Hedge funds have recently bought and sold shares of the company. Wedge Capital Management L L P NC bought a new stake in shares of Devon Energy in the 4th quarter worth $9,931,000. Allianz Asset Management GmbH boosted its stake in Devon Energy by 4.3% during the third quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company’s stock valued at $29,210,000 after buying an additional 33,974 shares in the last quarter. Investors Research Corp boosted its stake in Devon Energy by 13,787.5% during the fourth quarter. Investors Research Corp now owns 27,775 shares of the energy company’s stock valued at $1,017,000 after buying an additional 27,575 shares in the last quarter. Philip James Wealth Mangement LLC grew its holdings in Devon Energy by 43.8% during the fourth quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company’s stock worth $5,911,000 after acquiring an additional 49,115 shares during the period. Finally, Greatmark Investment Partners Inc. grew its holdings in Devon Energy by 5.6% during the third quarter. Greatmark Investment Partners Inc. now owns 571,925 shares of the energy company’s stock worth $20,052,000 after acquiring an additional 30,435 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.