Devon Energy (NYSE:DVN) Upgraded at Wolfe Research

Devon Energy (NYSE:DVN) was upgraded by analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a note issued to investors on Friday, Marketbeat reports. The brokerage presently has a $45.00 price objective on the energy company’s stock. Wolfe Research’s price target points to a potential upside of 32.63% from the stock’s previous close.

Several other analysts have also issued reports on DVN. Evercore ISI cut their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. Scotiabank dropped their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Citigroup decreased their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Benchmark reissued a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Finally, Raymond James cut their target price on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Eleven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $49.81.

Devon Energy Stock Performance

NYSE:DVN opened at $33.93 on Friday. The company has a market capitalization of $22.29 billion, a price-to-earnings ratio of 6.30, a PEG ratio of 1.10 and a beta of 1.99. The business has a 50 day moving average of $35.97 and a 200 day moving average of $41.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy has a 1-year low of $30.39 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the business posted $1.65 EPS. The business’s quarterly revenue was up 4.9% on a year-over-year basis. On average, sell-side analysts predict that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC boosted its stake in Devon Energy by 1.3% during the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after acquiring an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. bought a new stake in shares of Devon Energy in the 3rd quarter worth approximately $461,857,000. Pacer Advisors Inc. boosted its position in shares of Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares in the last quarter. EnCap Partners GP LLC purchased a new stake in shares of Devon Energy in the 3rd quarter worth approximately $408,653,000. Finally, Victory Capital Management Inc. increased its position in Devon Energy by 3.8% during the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after buying an additional 361,968 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

About Devon Energy

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.