B. Riley began coverage on shares of Devon Energy (NYSE:DVN) in a note issued to investors on Monday. The brokerage set a “hold” rating and a $50.00 price target on the energy company’s stock. B. Riley’s price objective indicates a potential upside of 29.37% from the company’s previous close.
Several other equities research analysts have also issued reports on the company. Morgan Stanley upped their price target on Devon Energy from $42.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 18th. Seaport Global Securities raised Devon Energy from a “neutral” rating to a “buy” rating in a research report on Tuesday, December 19th. Credit Suisse Group started coverage on Devon Energy in a research report on Monday, December 11th. They set an “outperform” rating and a $43.00 price target on the stock. Jefferies Group set a $46.00 price target on Devon Energy and gave the company a “buy” rating in a research report on Wednesday, December 20th. Finally, Barclays reissued a “buy” rating and set a $39.00 price target on shares of Devon Energy in a research report on Sunday, December 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. Devon Energy presently has an average rating of “Buy” and a consensus target price of $47.72.
Shares of Devon Energy (DVN) opened at $38.65 on Monday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.63 and a current ratio of 1.63. The stock has a market capitalization of $21,015.75, a P/E ratio of 13.19, a P/E/G ratio of 1.97 and a beta of 2.10. Devon Energy has a 52-week low of $28.79 and a 52-week high of $47.25.
In other Devon Energy news, EVP Lyndon C. Taylor sold 12,798 shares of the stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $38.29, for a total value of $490,035.42. Following the sale, the executive vice president now directly owns 67,900 shares of the company’s stock, valued at $2,599,891. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.51% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Alyeska Investment Group L.P. grew its stake in shares of Devon Energy by 4,117.5% in the third quarter. Alyeska Investment Group L.P. now owns 1,835,864 shares of the energy company’s stock worth $67,395,000 after purchasing an additional 1,792,334 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Devon Energy by 21.6% in the third quarter. Victory Capital Management Inc. now owns 5,570,722 shares of the energy company’s stock worth $204,501,000 after purchasing an additional 988,090 shares in the last quarter. Scout Investments Inc. bought a new position in shares of Devon Energy in the third quarter worth $32,652,000. Dimensional Fund Advisors LP grew its stake in shares of Devon Energy by 65.2% in the third quarter. Dimensional Fund Advisors LP now owns 1,546,068 shares of the energy company’s stock worth $56,751,000 after purchasing an additional 610,468 shares in the last quarter. Finally, Bank of Montreal Can grew its stake in shares of Devon Energy by 301.0% in the fourth quarter. Bank of Montreal Can now owns 744,419 shares of the energy company’s stock worth $30,819,000 after purchasing an additional 558,772 shares in the last quarter. 77.75% of the stock is currently owned by hedge funds and other institutional investors.
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About Devon Energy
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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