Devon Energy Corporation (DVN) Stock Rating Upgraded by Stephens

Devon Energy Corporation (NYSE:DVN) was upgraded by Stephens from an “equal weight” rating to an “overweight” rating in a report released on Thursday. The brokerage currently has a $53.00 price target on the energy company’s stock. Stephens’ price objective would suggest a potential upside of 34.96% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on the stock. Morgan Stanley upped their price objective on shares of Devon Energy Corporation from $42.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 18th. BMO Capital Markets set a $38.00 price objective on shares of Devon Energy Corporation and gave the stock a “buy” rating in a report on Monday, August 28th. Citigroup Inc. cut their price objective on shares of Devon Energy Corporation from $52.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, July 21st. Royal Bank Of Canada set a $43.00 price target on shares of Devon Energy Corporation and gave the company a “buy” rating in a report on Friday, August 25th. Finally, Stifel Nicolaus set a $61.00 price target on shares of Devon Energy Corporation and gave the company a “buy” rating in a report on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $45.89.

Shares of Devon Energy Corporation (NYSE DVN) traded up $0.44 on Thursday, reaching $39.27. 6,360,000 shares of the company’s stock were exchanged, compared to its average volume of 4,530,000. The stock has a market capitalization of $20,640.00, a PE ratio of 26.90, a PEG ratio of 1.26 and a beta of 2.22. The company has a current ratio of 1.63, a quick ratio of 1.61 and a debt-to-equity ratio of 0.87. Devon Energy Corporation has a twelve month low of $28.79 and a twelve month high of $50.69.

Devon Energy Corporation (NYSE:DVN) last announced its quarterly earnings data on Tuesday, October 31st. The energy company reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.07. The business had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Devon Energy Corporation had a net margin of 11.62% and a return on equity of 6.88%. The business’s revenue was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.89 earnings per share. sell-side analysts forecast that Devon Energy Corporation will post 1.73 EPS for the current fiscal year.

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Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. raised its position in shares of Devon Energy Corporation by 4.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,953,530 shares of the energy company’s stock valued at $62,455,000 after purchasing an additional 87,912 shares during the period. Janus Capital Management LLC raised its position in shares of Devon Energy Corporation by 408.1% during the 1st quarter. Janus Capital Management LLC now owns 2,572,931 shares of the energy company’s stock valued at $107,342,000 after purchasing an additional 2,066,530 shares during the period. Caymus Capital Partners L.P. bought a new stake in shares of Devon Energy Corporation during the 2nd quarter valued at $16,164,000. Bridgewater Associates LP raised its position in shares of Devon Energy Corporation by 54.4% during the 2nd quarter. Bridgewater Associates LP now owns 880,996 shares of the energy company’s stock valued at $28,165,000 after purchasing an additional 310,222 shares during the period. Finally, TVR Capital Management LP raised its position in shares of Devon Energy Corporation by 121.8% during the 2nd quarter. TVR Capital Management LP now owns 240,000 shares of the energy company’s stock valued at $7,673,000 after purchasing an additional 131,806 shares during the period. Institutional investors and hedge funds own 77.30% of the company’s stock.

Devon Energy Corporation Company Profile

Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).

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