Devon Energy (NYSE:DVN) Now Covered by Analysts at Truist Financial

Equities researchers at Truist Financial assumed coverage on shares of Devon Energy (NYSE:DVN) in a report released on Tuesday. The brokerage set a “buy” rating and a $63.00 price target on the energy company’s stock. Truist Financial’s price target would indicate a potential upside of 29.92% from the stock’s previous close.

Several other brokerages have also recently commented on DVN. Siebert Williams Shank upped their target price 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. Raymond James Financial raised their price target on Devon Energy from $44.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 11th. Barclays lifted their price objective on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Monday, March 16th. Wells Fargo & Company upped their price objective on Devon Energy from $43.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, February 20th. Finally, Zacks Research raised Devon Energy from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Twenty-four analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $49.86.

Devon Energy Stock Down 0.3%

Shares of NYSE:DVN opened at $48.49 on Tuesday. Devon Energy has a one year low of $25.89 and a one year high of $49.83. The company has a 50 day moving average of $42.76 and a 200-day moving average of $37.77. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.90. The stock has a market cap of $30.07 billion, a price-to-earnings ratio of 11.63, a P/E/G ratio of 1.29 and a beta of 0.56.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The business had revenue of $17.19 billion for the quarter, compared to analyst estimates of $3.67 billion. During the same period in the prior year, the business posted $1.10 earnings per share. Devon Energy’s revenue was down 6.4% compared to the same quarter last year. On average, sell-side analysts forecast that Devon Energy will post 4.85 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allianz Asset Management GmbH increased its stake in Devon Energy by 4.3% during the 3rd quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company’s stock worth $29,210,000 after purchasing an additional 33,974 shares in the last quarter. Investors Research Corp lifted its stake in Devon Energy by 13,787.5% in the fourth quarter. Investors Research Corp now owns 27,775 shares of the energy company’s stock valued at $1,017,000 after buying an additional 27,575 shares in the last quarter. Greatmark Investment Partners Inc. lifted its stake in Devon Energy by 5.6% in the third quarter. Greatmark Investment Partners Inc. now owns 571,925 shares of the energy company’s stock valued at $20,052,000 after buying an additional 30,435 shares in the last quarter. Canada Post Corp Registered Pension Plan boosted its holdings in shares of Devon Energy by 298.1% in the third quarter. Canada Post Corp Registered Pension Plan now owns 42,351 shares of the energy company’s stock valued at $1,585,000 after buying an additional 31,713 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in shares of Devon Energy by 5.0% in the third quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock valued at $415,319,000 after buying an additional 560,652 shares during the period. 69.72% of the stock is currently owned by institutional investors.

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.