Devon Energy (NYSE:DVN) Raised to Strong-Buy at Truist Financial

Devon Energy (NYSE:DVN) was upgraded by equities researchers at Truist Financial to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

DVN has been the subject of a number of other research reports. Raymond James Financial upped their price objective on Devon Energy from $44.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, February 11th. Barclays lifted their target price on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Monday, March 16th. TD Cowen boosted their price target on shares of Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a report on Tuesday, March 17th. Siebert Williams Shank increased their price target on shares of Devon Energy from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Finally, Mizuho raised their price objective on shares of Devon Energy from $51.00 to $62.00 and gave the stock an “outperform” rating in a report on Tuesday, March 17th. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.86.

Devon Energy Price Performance

Devon Energy stock opened at $50.32 on Monday. Devon Energy has a 52 week low of $25.89 and a 52 week high of $50.71. The company’s 50 day moving average price is $43.03 and its two-hundred day moving average price is $37.88. The stock has a market cap of $31.20 billion, a P/E ratio of 12.07, a P/E/G ratio of 1.28 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 (NYSE:DVN) last released its earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.01. The company had revenue of $4.12 billion during the quarter, compared to analyst estimates of $3.67 billion. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.Devon Energy’s quarterly revenue was down 6.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.10 earnings per share. On average, equities analysts predict that Devon Energy will post 4.85 earnings per share for the current year.

Institutional Investors Weigh In On Devon Energy

Several large investors have recently added to or reduced their stakes in DVN. Allianz Asset Management GmbH boosted its holdings in Devon Energy by 4.3% in the 3rd quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company’s stock worth $29,210,000 after buying an additional 33,974 shares during the period. Investors Research Corp raised its holdings in Devon Energy by 13,787.5% during the 4th quarter. Investors Research Corp now owns 27,775 shares of the energy company’s stock valued at $1,017,000 after acquiring an additional 27,575 shares during the period. Greatmark Investment Partners Inc. raised its holdings in Devon Energy by 5.6% during the 3rd quarter. Greatmark Investment Partners Inc. now owns 571,925 shares of the energy company’s stock valued at $20,052,000 after acquiring an additional 30,435 shares during the period. Canada Post Corp Registered Pension Plan lifted its position in shares of Devon Energy by 298.1% during the third quarter. Canada Post Corp Registered Pension Plan now owns 42,351 shares of the energy company’s stock worth $1,585,000 after acquiring an additional 31,713 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of Devon Energy by 5.0% during the third quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock worth $415,319,000 after acquiring an additional 560,652 shares in the last quarter. Hedge funds and other institutional investors 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.