Morgan Stanley Forecasts Strong Price Appreciation for Devon Energy (NYSE:DVN) Stock

Devon Energy (NYSE:DVN) had its target price hoisted by stock analysts at Morgan Stanley from $46.00 to $59.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the energy company’s stock. Morgan Stanley’s target price points to a potential upside of 13.35% from the company’s current price.

Other equities analysts also recently issued research reports about the company. BMO Capital Markets raised their target price on Devon Energy from $45.00 to $55.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 3rd. Benchmark reiterated a “buy” rating on shares of Devon Energy in a research note on Friday, January 16th. Citigroup lifted their price objective on Devon Energy from $43.00 to $44.00 and gave the company a “buy” rating in a report on Wednesday, December 17th. Johnson Rice reduced their target price on shares of Devon Energy from $70.00 to $62.00 and set a “buy” rating on the stock in a research note on Friday, December 5th. Finally, Weiss Ratings raised shares of Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.32.

Devon Energy Stock Performance

NYSE:DVN opened at $52.05 on Friday. The firm has a market capitalization of $32.27 billion, a PE ratio of 12.48, a price-to-earnings-growth ratio of 1.19 and a beta of 0.56. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. Devon Energy has a 12-month low of $25.89 and a 12-month high of $52.46. The firm has a 50-day moving average price of $43.90 and a 200 day moving average price of $38.21.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The company had revenue of $4.12 billion for the quarter, compared to the consensus estimate of $3.67 billion. During the same period in the previous year, the business earned $1.10 earnings per share. The company’s quarterly revenue was down 6.4% on a year-over-year basis. Research analysts anticipate that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Caldwell Trust Co bought a new position in shares of Devon Energy in the second quarter valued at about $25,000. PFS Partners LLC bought a new stake in Devon Energy during the 3rd quarter worth about $25,000. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy during the 4th quarter worth about $25,000. First Horizon Corp acquired a new stake in Devon Energy in the 3rd quarter valued at about $26,000. Finally, Accredited Wealth Management LLC increased its position in Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after acquiring an additional 308 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.